Cedi On The Ropes

In line with our call, the Ghanaian cedi has hit a new all-time low against the US dollar (see 'FX: Bearish Technicals', November 24 on our online service). At the time of writing, the currency was trading at GHS1.6645/US$. For various reasons outlined below, we expect the cedi to stay relatively weak over the short term, likely trading in the GHS1.6400-1.7000/US$ range.

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