Cedi appreciates by 3.11% against US dollar in 7 days

Source the Ghana Report

The Ghana cedi accumulated about 3.11% in value against the US dollar last week.

This gain narrows its year-to-date losses on the forex or retail market to about 17%.

The cedi also started this week on a strong note against the US dollar at; $1 to ¢11.50 on April 3, 2023.

It gained 1.18% and 1.95% week-on-week to the pound and the euro respectively.

This was due to the Bank of Ghana’s foreign exchange intervention and positive news about the progress of Ghana’s ongoing debt restructuring.

The Central Bank provided $3 million on the spot market and allocated $20 million to the Bulk Oil Distribution Companies at a ¢12.00/$1 forward rate.

Parliament also approved a new tax bill aimed at raising $340 million in revenue, with the bid to improve fiscal consolidation and secure the IMF program.

The new tax bill includes increased income, corporate taxes, and excise duties on cigarettes and beverages.

Some financial analysts believe the progress made by the Ghana government with the Chinese government talks, together with the approval of the tax bills, will help the country restructure part of its $47 billion external debt and secure the IMF Board Level Agreement early this quarter.

This they believe will help boost the value of the cedi against the dollar and the other major foreign currencies.

Checks at some forex bureaus indicate that the local currency gained more than 60 pesewas in value to the US dollar beginning yesterday, April 3, 2023.

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