Cedi: Appreciation To Continue In 2010

The Ghanaian cedi is enjoying an appreciatory run in line with the bullish view which we initiated on August 10, and we hold to our constructive outlook. The currency is being buoyed by foreign exchange inflows from multilateral bodies, as well as money coming in from foreign banks to shore up the capital bases of their local subsidiaries. With these factors set to remain in place, and be reinforced by strong foreign investor appetite, we see the cedi continuing its appreciation to end 2009 at GHS1.4100/US$.

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