Cedi Depreciation Imminent

Our expectation for the Ghanaian cedi to strengthen toward the GHS1.10/US$ region has been confounded by a stronger-than-anticipated surge in the US dollar, and we now see scope for the cedi to resume its weakening trend. We had expected that sizeable inflows of foreign exchange (FX), including up to US$900mn associated with the part-privatisation of

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