The Ghana cedi is expected to trade steadily this week as the Bank of Ghana continues its market interventions to cool off the pressure on the local unit.
This is coming after the local currency lost 0.32% week-on-week against the US dollar on the retail market last week.
It closed the week at a mid-rate of GH¢15.73 to one dollar, taking its year-to-date loss to 1.27%.
Similarly, it depreciated by 0.76% and 0.61% versus the pound and the euro on the retail market.
However, it began the week on an improved note, going for GH¢15.75 or a mid-rate of GH¢15.68.
The cedi came under renewed pressure last week despite efforts by the Bank of Ghana to improve forex liquidity.
In the 71st FX auction for the Bulk Distribution Companies (BDCs), the Central Bank allotted US$20 million at a 30-day forward rate of GH¢15.5582 to a dollar. This reflected a 100 basis points increase from the previous auction rate of GH¢15.4684 to one American greenback.
The Central Bank also provided US$96.13 million on the market to help tame demand pressures.
However, this was insufficient to stabilise the cedi, as local demand outpaced the market supply.
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