Cedi seen on back foot

The cedi could slip this week on an expected surge in dollar demand as businesses mobilise forex to settle end-of-quarter bills, an analyst has said.

The cedi has remained firm in the past week on positive investor sentiment about the economy.

It was quoted at 4.4575 to the greenback at the close of the week, compared to 4.4650 a week ago.

“As we enter the last month of Q1, we expect demand for the dollar to pick up as we anticipate brisk business by both importers and corporates, reversing part of the cedi’s gains made in the last month,” said Raphael Adubila of Accra-based Northstar Home Finance.

 

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