Last week, the cedi maintained its resurgence against the major retail trade currencies.
With a 0.8% increase versus the US dollar, the local currency restored its stability against the major trade currencies.
According to investment firm GCB Capital, it also gained 2.3% and 1.8% against the British pound and the euro, respectively.
It stated that the cedi ended unchanged week on week against the interbank reference rate.
According to its weekly update, the cedi was trading at GH¢13.2 to the US dollar.
According to GCB Capital, the cedi’s appreciation is attributed in part to the Bank of Ghana’s constant injection of cash to support the cedi.
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It stated that the assistance came in the form of US dollars provided to bulk oil distribution companies (BDCs) for imports.
It was said in this respect that the bank was likely to auction US$30 million to BDCs at the next forward this week.
SOURCE: GRAPHICONLINE
