WEEKAHEAD-AFRICA-FX-Most African currencies under pressure


ACCRA, Aug 16 (Reuters) – The currencies of Ghana, Zambia and Uganda are likely to trade on the back foot in the coming week but those of Nigeria and Kenya may hold steady.

GHANA

Ghana’s cedi could remain under pressure as the dollar strengthens and risk-averse investors pull out from emerging market assets, analysts said.

The volatile currency touched new lows on Monday, after new details about the collapse of five banks this month.

The cedi was trading at 4.85 to the dollar by mid-morning on Thursday, compared with 4.81 a week ago.

The central bank is expected to increase its interbank dollar sales but that support is unlikely to ease the pressure on the local unit, currency dealers Ralph Adubila and Joseph Amponsah said.

ZAMBIA

The kwacha is expected to remain under pressure as rising…

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