The Ghana cedi has made immense gains against the U.S dollar in recent days.
The cedi gained further grounds on May 19, 2023 to sell at ¢10.82 to a dollar, according to the bank of Ghana interbank exchange rate.
The same story can also be said about the pound and the euro.
The cedi is going for ¢13.42 and ¢11.65 to the pound and euro respectively.
It has since March 2023 recorded stability against the world’s most important currency.
According to some financial analysts, the local currency is witnessing some stability following the announcement that Ghana has secured a $3 billion Extended Credit Facility from the IMF.
The cedi is expected to record more gains against the dollar and the other major foreign currencies next week, as the first tranche of the IMF money hits the bank of Ghana account today, May 19.
Bank of Ghana Exchange Rates pic.twitter.com/MvZTfgA0ze
— Bank of Ghana (@thebankofghana) May 19, 2023