Bearish Cedi View Playing Out

In line with our bearish view, the Ghanaian cedi has hit a new all-time low against the US dollar, having traded down to GHS1.6715/US$ at one point on January 11 (see 'Cedi On The Ropes', November 30 on our online service). For various reasons outlined below, we expect the cedi to stay relatively weak over the short term, likely remaining in the GHS1.6400-1.7000/US$ range.

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