Cedi recovered some of its gains in the retail and interbank markets.

Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd.

The Ghana cedi clawed back some gains across the interbank and retail markets over the past two weeks, largely reflecting subdued foreign exchange demand.

In the interbank segment, cedi recorded a 3.74% appreciation against the US dollar, closing the fortnight at a mid-rate of GH¢10.70, while it advanced y 4.27% and 4.81% against the pound and euro to settle at GH¢14.38 and GHS 12.47.

In the retail market, the cedi gained 1.65% against the dollar, 2.49% versus the pound, and 2.85% against the euro, closing at GH¢12.15 to a dollar, GH¢16.05 to one pound and GH¢14.05 to a euro.

Meanwhile, the near-term pressure on the cedi as front-loaded import demand and the unwinding of year-end foreign exchange buffers will strain forex supply.

Source: newsthemegh.com