Ghana’s currency, the cedi, is expected to remain under pressure in the coming days as strong demand for foreign exchange continues to weigh on the market, according to traders monitoring African currency movements.
Analysts say the cedi’s weakness is being driven mainly by persistent dollar demand from importers and energy-sector companies, while foreign exchange inflows from mining and central bank interventions have not been sufficient to stabilise supply. As a result, traders expect the currency to maintain a gradual downward trend.
Across the region, other major African currencies are expected to show mixed performance, with Kenya’s shilling projected to remain largely stable as dollar demand from importers is balanced by steady inflows. Commercial banks quoted the shilling around 128.95 to 129.25 against the dollar, showing little movement from previous levels.
In Nigeria, the naira is also expected to remain relatively stable, supported by central bank dollar sales and increased foreign exchange earnings from oil exports. Official market data placed the naira at about 1,368 to the dollar in intraday trading, while the parallel market continues to trade at higher levels around 1,400.
In Uganda, the shilling is projected to stay steady following the central bank’s decision to maintain its benchmark interest rate at 9.75 per cent for the seventh consecutive time. Authorities say inflation is expected to rise moderately in the second half of the year due to global energy pressures.
Meanwhile, Zambia’s kwacha is expected to strengthen slightly, supported by improved foreign currency inflows from the mining sector and financial institutions. The currency traded at about 18.98 to the dollar, compared to 19.19 the previous week.
Market analysts say the mixed performance reflects differing levels of foreign exchange reserves, central bank interventions, and exposure to global economic pressures across African economies.
