Ghana’s cedi is forecasted to appreciate further in the coming week, supported by sustained remittance inflows and daily interventions from the central bank.
The currency has surged more than 40% against the U.S. dollar this year, outpacing its African and emerging market peers. According to London Stock Exchange Group data, the cedi traded at 10.25 per dollar on Thursday, a sharp rise from 11.55 just a week earlier.
Regional economist continued support around the current level, with prospects of a renewed rally once offshore profit-taking subsides.
Kenya’s shilling is expected to remain stable, trading at 129.00/50 per dollar compared to 128.95/129.45 a week ago. Nigeria’s naira is forecast to stay within a tight range, backed by weekly dollar sales from the central bank and inflows from portfolio investors.
The naira traded around 1,587 per dollar on official markets and 1,635 in street trading.
Meanwhile, Uganda’s shilling is set to firm, buoyed by inflows from a rare private treasury bond auction that raised 2.4 trillion Ugandan shillings ($661.7 million).
It strengthened to 3,627/3,637 per dollar, up from 3,645/3,655 last Thursday.
