Cedi records 2% gain against dollar for the first time in 2023

Source the Ghana Report

The Ghana cedi has appreciated marginally against the US dollar for days running as it sold at ¢10.80 to one US dollar on the interbank rates as of Wednesday, February 1, 2023.

However, on the forex or retail market, it is sold at ¢12.60 to one US dollar.

This is coming after it recorded a little over 17% depreciation to the world’s most important currency in January 2023 alone.

The local currency has recorded about a 2% improvement in value to the American ‘greenback’ this week, signaling to investors that the government is progressing with its Domestic Debt Exchange Programme.

However, the same cannot be said about the cedi’s performance against the euro and the pound as it has declined slightly against these two major foreign currencies.

The cedi is going for ¢13.28 and ¢11.78 to the pound and the euro respectively.

Analysts are optimistic that the currency will maintain its strong momentum against the US dollar if the government shows a strong commitment to stabilizing the economy through prudent fiscal management.

The cedi gained a marginal 0.78% value to the American greenback last week to trade at about ¢12.85 to one US dollar.

The Central Bank during that period sold about $22 million on the spot market to help tame the corporate demand.

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