Ghana Cedi Faces Further Weakening Pressure Despite IMF Bailout

• Ghana's cedi has already lost over 7% against the dollar this year and could weaken further despite IMF bailout • Analysts say Ghana's low reserves of $5.9 billion can't defend currency, elections this year may spur forex demand pressure • Ghana reached debt relief deal with domestic creditors, agreement with bilateral lenders, but still negotiating with eurobond holders • Economy depends heavily on imports expected to rise ahead of December elections, central bank may not intervene much in cedi • Central bank priority is rebuilding reserves under IMF program, cedi forecast to weaken to 13.7 per dollar by year end