Ghana’s cedi could hold its own against the dollar on the back of hard currency inflows from a $1.3 billion cocoa loan that is expected to boost the central bank’s interbank support capacity, analysts said.

The cedi, which had been under pressure for weeks mainly due to global factors, recouped some of its losses this week. It was trading at 4.9500 to the greenback compared with 4.9850 a week ago.

In the fourth quarter the cedi is expected to remain fairly stable “as forex liquidity improves on the back of inflows from cocoa loans,” said currency analyst Joseph Biggles Amponsah.

“(Dollar) demand is also not expected to be as strong in the early weeks of (the quarter).

Reuters