Cedi: Constructive View Playing Out

Our out-of-consensus constructive view on the Ghanaian cedi is playing out. The currency has been appreciating since August 13, having gained 0.7% against the dollar to close at GHS1.4650/US$ on August 21. We retain our short-term GHS1.4600/US$ target as well as our end-09 GHS1.4200/US$ target, which we set on August 10.

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