The cedi’s performance this week is expected to be negatively impacted by persistent demand pressure for the dollar.
The local currency experienced a minor depreciation last week, leading to a year-to-date loss of about 3.0%.
Despite the Central Bank’s injection of $3 million to support the market, the cedi weakened against the American dollar but made marginal gains against the pound and the euro.
Meanwhile, global creditors and rating agencies met to discuss the impact of rating agencies on debt-distressed nations like Ghana, with a focus on the effect of agency actions on borrowing costs after debt restructuring.
Analysts believe that a positive revision in the rating method for debt-distressed countries by these agencies would enhance investor confidence in Ghana and improve the cedi’s outlook in the medium term.
However, the pressure on the cedi is anticipated to continue in the coming days.
