• About Us
  • Contact Us
Account
GTB
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
No Result
View All Result
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
No Result
View All Result
Account
Ghana Talks Business
No Result
View All Result

Ghana’s cedi and Kenyan Shilling to come under pressure

09/11/2018
Reading Time: 2 mins read
Ghana_exchange_rate

Credit: Reuters

405
SHARES
Share on FacebookShare on TwitterShare on WhatsApp

Traders expect Ghana’s cedi and the Kenyan shilling to come under pressure next week but predict other African currencies will remain stable.

GHANA

The cedi could remain under pressure on increasing dollar demand from offshore investors and local businesses needing to settle their last quarter obligations, analysts said.

After rallying 2 percent against the greenback last month, it has since shed some of the gains, despite regular forex sales by the central bank and was trading at 4.8816 to the dollar by mid morning on Thursday, compared to 4.8750 a week ago.

“For the remainder of the week, we see the cedi staying on the back foot; the pair (USD/GHS) is likely to test the 4.90 big figure,” Barclays Bank Ghana said in a market update.

KENYA

The Kenyan shilling is seen under pressure due to increased dollar demand from importers of oil and other goods making payments ahead of Christmas and New Year.

Commercial banks quoted the shilling at 101.70/90 per dollar, compared with 101.60/80 at last Thursday’s close.

“There is demand from general importers wishing to make payments ahead of the festive season next month,” a senior trader at one commercial bank said.

ZAMBIA

The kwacha is expected to trade within the current range next week.  On Thursday, commercial banks quoted the currency of Africa’s second-largest copper producer at 11.7380 per dollar from 11.8500 a week ago.

TANZANIA

The Tanzanian shilling is expected to hold steady or appreciate next week due to the cashew nut sale season that began last month.

Mohamed Laseko, Senior Forex Trader at CRDB Bank said the shilling is likely to remain around 2,290/2,295 next week.

“Next week, cashew nuts sales will likely boost the shilling. This will either make the shilling remain stable or appreciate a little bit,” said Laseko. (Reporting by John Ndiso,Elias Biryabarema, Kwasi Kpodo, Chris Mfula and Nuzulack Dausen; Compiled by Chris Mfula; Editing by Alexander Smith)

Credit: Reuters Ghana

Previous Post

6 Things to Know Before You Launch Your Home Business

Next Post

Menzgold disappoints clients again as they refuse to pay 15% principal as promised

Related Posts

papa_kwesi_nduom

Gold Coast Fund Management pays 3000 Structured Finance customers

12/11/2018
GRA_Boss_Kofi_Nti

$3m Revenue loss: GRA bans 3 shipping Company from operating in Ghana

11/11/2018

Opportunity International adjudged Savings and Loans Company of the year

10/11/2018
GRIDCo

Government to convert GRIDCo’s debts into equity

09/11/2018
2019_budget_IFS_warns

2019 Budget: Reduce the number of policies to be rolled out- IFS to gov’t

09/11/2018
Menzgold_online

We will still monitor Menzgold‘s so-called online platform – SEC

08/11/2018
Next Post
Menzgold_clients_disappointed_again

Menzgold disappoints clients again as they refuse to pay 15% principal as promised

snapcodes_for_business

Best Ways to Use Snapcodes to Promote Your Business

  • About Us
  • Disclaimer
  • Privacy Policy
  • Advertising
  • Contact Us

© 2023 Ghana Talks Business

No Result
View All Result
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
  • Login

© 2023 Ghana Talks Business

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In