Fitch forecasts cedi to end year at ¢11.40 to a dollar

Source The Ghana Report

Fitch Solutions has predicted that the Ghana cedi would end 2023 at ¢11.40 against the US dollar.

The new prediction which is lower than the ¢12.40 it predicted earlier in the year, at a time Ghana was yet to reach an agreement with the International Monetary Fund for a bailout package.

The firm is also projecting ¢10.90 to one dollar in 2024, powered by expected inflows from the International Monetary Fund programme and improved investor confidence.

The cedi is presently going for ¢11.53 to the dollar in the retail market and ¢11.05 to a dollar in the interbank market.

The local currency has remained relatively stable against the dollar and all the major foreign currencies since Ghana secured the IMF bailout package in May 2023.

“While short-term exchange rate volatility will persist, we believe that the cedi will stabilize once a formal creditors’ committee is formed and the IMF executive board approves Ghana’s programme”, it earlier stated.

Last week, the forex market posed a mixed reaction as the cedi saw some volatility against the US dollar.

This is despite the Bank of Ghana announcing a plan to auction $120 million in its FX forward auctions for the Bulk Oil Distribution Companies during quarter 4, 2023, with $20 million to be sold in each of the six auctions throughout the period.

The local currency lost 0.35% in value to the dollar. It, however, strengthened 1.02% and 0.20% against the pound and euro respectively on the retail market.

The year-to-date loss of the cedi to the dollar on the retail market stood at 11.40%, whilst the interbank market was estimated at 22%.

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