UBA America Weekly Africa Update May 30, 2023 Currencies The International Monetary Fund (IMF) highlighted in a newly published regional report, that African currencies are facing challenges as US interest rates remain elevated. Adding to the headwinds for African currencies have been tight global financial conditions, heightened global geopolitical tensions and an impending global downturn …

UBA America Weekly Africa Update May 22, 2023 Currencies The Ghanaian cedi (GHS) strengthened by 8.53% against the US dollar (USD) in the week ended May 19, as the International Monetary Fund (IMF) on Wednesday, May 17 approved a $3 billion rescue loan.  The USD/GHS exchange rate fell as low as 10.20 against the dollar …

UBA America Weekly Africa Update May 15, 2023 Currencies African currencies have broadly come under pressure this year against the US dollar. In addition to a still unfavorable external environment, idiosyncratic factors have exacerbated currency weakness. The US dollar (USD) against the New Zambian kwacha (ZMW) is, however, flat on a year-to-date basis despite having …

UBA America Weekly Africa Update April 24, 2023 Ghana Finance minister Kenneth Ofori-Atta announced that the government expects to secure an International Monetary Fund (IMF) programme by the end of May. The IMF and government reached a staff-level agreement for a three-year, USD 3 billion Extended Credit Facility (ECF) in December 2022. The final outstanding …

UBA America Weekly Africa Update April 10, 2023 Currencies The Nigerian naira (NGN) has been stable for the past two months trading at about 460 per dollar.  This follows a 10.8% depreciation of the naira that began in August 2022.  After the election of a new president in February, the market is awaiting possible reforms …