Cedi demonstrates resilience as it inches higher against dollar, holds steady against Pound

The Cedi showcased its relative resilience in the face of major trading currencies, displaying a modest inclination towards appreciation in both the retail and interbank market segments during last week.

In a positive turn of events, the local currency registered a 0.4% gain against the US Dollar (USD) on a week-on-week basis, underlining its stability and strength.

Against the British Pound (GBP), the Cedi held its ground on the retail market, maintaining a steady position and further exhibiting a greater level of resilience on the interbank market, reinforcing its robust performance.

In a related development, the successful restructuring of external debt for Zambia would potentially unlock crucial Balance of Payments support, thereby creating a favorable environment for the Ghanaian Cedi to navigate the anticipated seasonal pressures that lie ahead in the fourth quarter of 2023.

The positive trajectory for Ghana’s currency is not limited to its own borders. Zambia’s progress in debt restructuring sets a promising precedent for other countries within the region, fostering an optimistic outlook for the foreign exchange market in Ghana.

As a result, expectations are building for a more stable and resilient Cedi in the coming months, further bolstered by the potential spillover effects of Zambia’s achievements.

Amidst global economic uncertainties, Ghana’s Cedi continues to demonstrate its mettle and fortitude, positioning itself as a robust currency amidst a challenging landscape.

Source: Norvanreports