Ghana & Uganda Currencies Set to Rise – Here’s What It Means for You!
(Source: Reuters)
Good news for Ghana and Uganda! The Ghanaian cedi and Ugandan shilling are expected to get stronger in the coming days, according to traders. Here’s the breakdown in simple terms:
- Ghana’s Cedi Rising: The cedi is gaining value thanks to money sent home from abroad (remittances) and support from the central bank. It’s now at 11.70 per dollar, up from 12.40 last week. Experts say this upward trend will continue. (Source: Reuters)
- Uganda’s Shilling Strengthening: More dollars are coming in from charities and NGOs at month-end, helping the shilling hold steady. Banks are trading it at around 3,646 per dollar, almost the same as last week. (Source: Reuters)
What About Other African Currencies? (Source: Reuters)
- Nigeria’s Naira Stable: After recent gains, the naira is expected to stay steady around 1,590 per dollar due to foreign investor interest.
- Kenya’s Shilling May Drop: A slight drop is possible as businesses buy more dollars for imports, even though remittances are coming in.
- Zambia’s Kwacha Under Pressure: The kwacha is struggling as dollar demand rises while supply stays low.
Why Should You Care? (Source: Reuters)
If you’re sending money, traveling, or doing business in these countries, these currency shifts matter! A stronger cedi or shilling means more buying power for locals, while a weaker shilling or kwacha could make imports costlier.
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(Source: Reuters, May 22, 2024)
https://www.reuters.com/world/africa/africa-fx-ghana-uganda-currencies-could-gain-2025-05-22