Ghana’s Cedi and Uganda’s Shilling Face Fresh Pressure

The currencies of Ghana and Uganda could weaken further against the US dollar in the coming days, according to market traders.

The Ghanaian cedi has come under pressure from strong demand for dollars from businesses needing foreign currency for imports.

Uganda’s shilling is also facing pressure, particularly from demand for dollars from energy importers.

Recent market data showed Ghana’s cedi trading around 11.30 to the dollar, compared with 11.20 a week earlier. Uganda’s shilling was quoted around 3,780–3,790 to the dollar.

Meanwhile, Kenya’s shilling is expected to remain broadly stable, while Zambia’s kwacha is also forecast to hold relatively steady.

Currency movements remain important across Africa because weaker local currencies can raise the cost of imported fuel, food, machinery and other goods.