Pressure on cedi eases on the back of decreased forex demand

The cedi is showing signs of recovery as forex demand eases, leading to a stronger performance of the local currency.

This aligns with analysts' projections that the cedi's depreciation would reverse by mid-year due to the Bank of Ghana's interventions in the forex market.

Last week, the cedi gained 1% against the US dollar, 2% against the British pound, and 3% against the Euro. The Bank of Ghana's support, including $11 million in the spot market and a $20 million forex auction, is helping correct market imbalances.

An upcoming MoU with bilateral creditors is expected to trigger IMF disbursements and boost forex liquidity.