Ghana cedi extends gains as miners sell dollars

The Ghana cedi continues to extend gains made late last week and could pursue the upward trend if the central bank and mining sector keep supplying the market with dollars, traders said.

Kobla Nyaltey of Barclays Bank quoted cedi-dollar at 1.5935/90 at 1255 GMT, up from an open of 1.5965/90.

The Ghana cedi raked up further gains versus the US dollar during the Friday session, briefly touching 1.5900 before pairing some of the gains to close at 1.5975, Nyaltey said.

We will need the mines and the central bank to remain on the sell side for GHS to hold below 1.6000.

Biggles Amponsah of Access Bank said the cedi would most likely gain in the coming week.

US dollar inflows from mining support services and toward other capital investment are some of the drivers of the cedi's gains, Amponsah said.