The Ghana cedi gained strength over the past two weeks. The Bank of Ghana’s forex interventions helped stabilize the market.
The interbank dollar rate closed at GH¢12.17, up from GH¢12.40. The pound and euro also dropped to GH¢14.14 and GH¢16.25 respectively. In retail markets, the cedi rose sharply against all three major currencies. Gold prices above US$4,000 per ounce boosted confidence and inflows.
Databank Research disclosed that the Bank’s frequent forex auctions improved liquidity. Analysts expect the cedi to reach around GH¢11.50 per dollar soon.
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