GHANA Ghana's cedi is expected to remain broadly stable next week amid muted demand for dollars from companies in the energy and manufacturing sectors. Eikon showed the cedi trading at 11.6000 to the dollar on Thursday, compared to 11.5500 at last Thursday's close. "Corporate (foreign-currency) demand remains subdued," said Selasi Kabo, a forex trader at Stanbic Ghana. Another trader said he expected the currency to remain steady as market players await the approval of a $3 billion support package from the International Monetary Fund. Ghana is seeking financing assurances from its external creditors to pave the way for the IMF's board to approve the financial support.
UGANDA The Ugandan shilling is seen trading firmer, helped by a broad-based slump in importer appetite for hard currency. Commercial banks quoted the shilling at 3,710/3,720 to the dollar, compared to last Thursday's close of 3,750/3,760.
"Appetite from importers has been dimming in recent days and I don't see this dynamic changing in the short term," said a trader at a commercial bank. He said the slowdown in importer appetite for dollars was likely due to weak consumer spending. He forecast the shilling would strengthen past 3,700 to the dollar in the next week.
ZAMBIA
Zambia's kwacha will probably come under mild
pressure as hard-currency demand continues to outstrip supply.
On Thursday, commercial banks quoted the currency of
Africa's second-largest copper producer at 18.0700 per dollar
from 17.9000 at the close of business a week ago.
In the first quarter of 2023 the kwacha traded at an average
of 19.5000 per dollar from an average 16.7000 per dollar in the
fourth quarter of 2022, 16.8% weaker, the finance ministry said
on Tuesday.
Zambia defaulted on its sovereign debt in 2020 and has
struggled to agree a relief deal with lenders, with policymakers
saying the delays are harming investment and pushing up
inflation.
(Reporting by George Obulutsa, Christian Akorlie, Elias
Biryabarema and Chris Mfula
Editing by Alexander Winning)
