There is a positive outlook for the Ghana cedi against the US dollar in the coming week as the American greenback continues to struggle to reclaim the critical 97.70 level on the Dollar Index, Databank Research has revealed
“We maintain a positive outlook for the USD/GHS /Use dollar/Ghana cedi pair in the coming week as the dollar continues to struggle to reclaim the critical 97.70 level on the Dollar Index,” it said.
The research indicated that “With expectations of the US$ 370 million IMF ECF [International Monetary Fund/Economic Credit Facility] disbursement strengthening alongside the recent World Bank USD 360 million DPO2 approval, we expect sentiment to remain measured.”
However, it said the Federal Reserve’s late-July 2025 meeting would be pivotal to the cedi’s resilience, with market focus on policy signals that could steer dollar momentum and hint at whether the Fed maintains rates or shifts towards a cut that could weigh on the local currency.
Also, there are expectations of an improved performance of the cedi following the $360 million dollar approval by the World Bank to strengthen Ghana’s macroeconomic stability.
Last week, the cedi weakened 0.10 per cent week-on-week against the US dollar in the interbank market, closing at a midrate of GH¢10.31 after trading within a tight 10.3048- 10.3152 range.
In the retail market, it shed 1.57 per cent against the American greenback to sell at GH¢ 12.75.
The current rate trims its year-to-date gains from 41.78 per cent at end-May 2025 to 21.76 per cent at end-June 2025.
The cedi also depreciated 2.06 per cent week-on-week against both the pound and the euro, settling at GH¢17.00 and GH¢14.60 to the pound and euro, respectively.
Meanwhile, it began the week going for GH¢12.70 to one American greenback in the retail market and GH¢10.35 on the interbank market.
BY TIMES REPORTER
