The Ghanaian cedi is expected to remain stable, driven by an influx of foreign exchange from increased tourism, recent IMF disbursements, and the conclusion of peaceful general elections.
Over the past month, the cedi has gained against major trading currencies, supported by the Bank of Ghana’s (BoG) interventions, including injecting $240.4 million into the FX market.
The IMF’s approval of the third review of its Extended Credit Facility (ECF) and the disbursement of $360 million further boosted investor confidence.
Additionally, the anticipated arrival of two million tourists in 2024, generating over $3 billion in revenue, is projected to enhance FX liquidity during the festive season.
While the elections have bolstered market sentiment, concerns remain over the BoG’s transparency regarding reserve figures and potential pressures in early 2025 from profit-taking activities.
Source: thebftonline