Ghana’s cedi is expected to post modest gains against the U.S. dollar next week, buoyed by firm central bank support.
Traders pointed to improved interbank liquidity and narrowing bid-offer spreads as signs of renewed confidence in Ghana’s currency.
“The cedi has rallied this week on increased support from the central bank,” said Sedem Dornoo, a senior trader at Absa Bank Ghana.
LSEG data showed the cedi trading at 15.4300 to the dollar on Thursday, slightly up from 15.4500 a week earlier.
In contrast, Zambia’s kwacha remains under pressure due to sustained demand for hard currency and limited forex inflows.
The kwacha weakened to 28.67 per dollar on Thursday, down from 28.75 last week, with analysts predicting continued strain.
“The kwacha remains susceptible to further losses without meaningful foreign currency inflows,” Access Bank noted in a market update.
Meanwhile, Kenya’s shilling is forecast to remain steady, with minimal movement reported between 129.25 and 129.90 against the dollar.
Nigeria’s naira is also expected to hold its ground, supported by central bank interventions amid ongoing global market volatility.
The naira traded at about 1,599 to the dollar on Thursday, a slight recovery from last week’s 1,630 close.
In Uganda, the shilling is likely to remain stable, as the Easter holiday dampens dollar demand from local businesses.
The Ugandan currency hovered between 3,660 and 3,670 per dollar, bolstered by reduced market activity during the extended weekend.
With varying currency dynamics across Africa, central bank actions and global trade developments continue to shape regional forex landscapes.
