Ghana’s cedi is projected to weaken further in the coming days, while the currencies of Uganda and Zambia are expected to appreciate on stronger foreign exchange inflows and improved market sentiment, according to traders cited by Reuters.
Market analysts attributed the anticipated depreciation of the cedi to persistent corporate demand for foreign currency amid tight U.S. dollar supply and limited central bank intervention. “FX demand from local corporates remains firm, and we expect the cedi to slide further against the dollar in the week ahead,” one trader said, with the local unit trading around 10.90 to the dollar, as reported by MarketScreener.
In contrast, Uganda’s shilling is expected to gain modestly, supported by month-end inflows from commodity exporters and non-governmental organizations, according to Investing.com. Similarly, Zambia’s kwacha could strengthen as foreign exchange inflows from the mining sector continue to improve, boosting liquidity in the market.
Currency experts suggest that while Ghana may continue to face short-term exchange rate volatility due to high import demand and subdued reserves, Uganda and Zambia could benefit from more favorable trade and investment flows, reflecting broader resilience in East and Southern Africa’s economies.
