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Cedi to continue stability against dollar

Source the Ghana Report

The Ghana cedi is expected to further stabilise against the US dollar on the back of continued Bank of Ghana support.

The cedi traded at a mid-rate of ¢12.90, losing 1.55% value to the American greenback the past week. This is against about 7.48% the previous week.

The local currency’s performance has been better this week as it continues its stability in the retail or forex market. It is being quoted at ¢10.36 to one US dollar on the interbank market.

Last week, the first batch of the gold-for-oil barter (41,000 metric tonnes of oil) arrived.

The Central Bank increased its intervention, selling about $168 million to cushion the corporate demand for the foreign exchange, easing demand pressures on the US dollar.

Presently, the cedi is selling at ¢15.60 to the pound and also trading at ¢13.70 to the euro.

Fitch Solutions had said it sees the local currency stabilising as the country’s external debt restructuring process becomes clearer and the International Monetary Fund Executive Board approves the $3.0 billion programme that reached a staff-level agreement in December 2022.

“We anticipate a disinflationary trend in 2023 – with price growth averaging 33.4%. We see the currency stabilising as the country’s external debt restructuring process becomes clearer and the IMF Executive Board approves the $3.0billion programme that reached a staff-level agreement in December 2022″

 

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