Ghana cedi firm

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Ghana's cedi held firm against the dollar on Monday due to light corporate demand for the greenback and recent inflows from mining companies, traders said.

The cedi-dollar rate was pegged at 1.9500-1.9540 on the interbank market, holding some slim gains from late last week, Jacob Brobbey, a trader with Barclays Bank Ghana, said.

“The Ghana cedi traded up versus the greenback last week but the 1.9500 support remained intact. We expect fresh attack on the 1.9500 key support today with Ghana cedi potentially testing the 1.9400 levels later in the week,” he said.

He cited low corporate greenback demand and inflows of dollars from the mining sector as supporting factors for the local unit.

The cedi has been trading near 1.95 to the dollar for about a month, after the Bank of Ghana said it would intensify measures to stem the currency's roughly 30 percent loss against the dollar since January.

Another trader who asked not to be named quoted the cedi as trading in the band of 1.9530-1.9560 to the dollar and said he expected the cedi to remain broadly stable against the dollar with a slight bias to appreciate in the coming week. - Reuters


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