local currency market commentary

There was a fair amount of activity in Monday’s trading session. The session remained well offered, with most of the activity seen coming from the sell-side. The session saw trades in Dec 23s and July 26s, trading at 19.550% and 20.300% respectively. The newly issued Dec 26 was seen offered at 20.800% levels. There has been very little activity seen from the buy side, especially in funds with smaller AUM. This could be attributed to an increase in withdrawals and clients holding on to their funds in anticipation of the festivities. We expect the rest of the week to take on the same tone, with activity drying up on the market towards the end of the week. The USD/GHS closed the session at 6.5800/6.6300.