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The macroeconomic environment in June 2010 was an improvement over previous months. The fall in inflation to a two-year low of 10.68 percent in May induced optimism about the prospects of the Ghanaian economy although the cedi suffered from world cup driven pressure. June on the other hand saw a decreased investor activity especially in long term instruments as interest rates dipped successively………….
The world cup euphoria caught up this month with Ghanaians as it cut across all facets of the economy. Events leading to the soccer mundial forced a fight out of the cedi as the local currency struggled with an average daily depreciation of 0.19 percent, 0.02% and 0.17% against the pound, dollar and yen. The cedi however made average daily gains of 0.03 percent against the euro mainly due to struggles of the euro in the international market amidst sovereign debt crisis in some European countries.