Ghana Cedi Sees Favorable Forecast Ahead of Festive Season

The Ghanaian cedi is expected to trade within a narrow range against the US dollar by the end of September, according to analysts at Databank. The forecast comes after the local currency's year-to-date loss narrowed to 6.89% in August, down from 10.04% recorded at the end of July.

The Bank of Ghana sold an estimated $912 million on the foreign exchange market during the month, helping contain speculative activity and ease broader market pressures. Analysts expect the central bank to increase its foreign exchange support beyond the $1 billion mark as businesses ramp up import purchases in preparation for the festive season.