Ghana and Zambia Currencies Weakening While Others Stable
Ghana and Zambia currencies face pressure from corporate demand and copper volatility. Kenyan and Ugandan shillings are expected to remain broadly stable.
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African currency markets are showing a divergence in performance as the week progresses, with the Ghana cedi and Zambia kwacha facing headwinds while the Kenya and Uganda shillings maintain a stable trajectory.
In Ghana, the cedi is expected to continue its downward trend against the dollar due to persistent demand from corporate entities. According to LSEG data, the currency was trading at 11.03 per dollar on Thursday, compared to 11.01 a week earlier. Andrews Akoto, head of trading at Absa Bank Ghana, noted that the pressure is coming from multiple sectors.
