Ghana Cedi

Ghana cedi holds gains against dollar

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ACCRA, April 13 (Reuters) - Ghana cedi currency held steady against the dollar on Wednesday, holding recent gains in thin volume, traders said.


Jacob Brobbey from Access bank quoted the dollar-cedi unchanged at 1.5095/20 at 1318 GMT compared to the start of the day's session. 

'The market is extremely quiet and stable for the last two days,' he said, adding that the unit will likely retain recent gains, having appreciated 0.39 percent week-on-week. 

'I expect it to trade around the 1.5080/1.5150 for some time,' he said. 

The cedi has made ground against the greenback in recent trading on waning dollar demand and Central Bank dollar sales, which typically have occurred on Wednesdays. 

Analysts said the cedi could gain further support after Ghana's government released statistics showing a slight slowdown in the pace of inflation in March, reducing the chances of a Bank of Ghana interest rate hike. 

Kofi Pianim from Stanbic Bank said the Central Bank was not seen selling dollars as usual on Wednesday, showing that the market is self-sufficient at present, with offshore flows balancing lower levels of corporate demand. 

(Reporting by Hereward Holland; editing by Richard Valdmanis)

 

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