"Cedi posts 5% YTD value loss to dollar"

" Cedi posts 5% YTD value loss to dollar \r\n\r\nThe Ghana cedi has lost about 5.01% value to the US dollar on the forex or retail market since January 1, 2023.\r\n\r\nThe cedi registered significant gain of 27% in value to the American \u2018greenback\u2019 in December 2022 to reduce its year-to-date losses. This was largely due to Ghana\u2019s Staff Level Agreement with the International Monetary Fund.\r\n\r\nHowever, with only 13 days into the New Year, the cedi has lost some value, which is worrying to analysts and market watchers.\r\n\r\nChecks indicate that the local currency is going for about GHS 12.90 on the average at the forex bureaus.\r\n\r\nThe same could be said about the cedi\u2019s performance against the pound and the euro. It is trading at GHS 13.40 and GHS 15 to the euro and pound respectively.\r\n\r\nAnalysts are however hopeful that the implementation of the \u2018gold-for-oil\u2019 swap programme is expected to tame corporate demand for dollars and provide support for the cedi.\r\n\r\nAlso, an expected IMF-support programme by March 2023 will help tame the sharp depreciation of the cedi.\r\n\r\nThe Ghana Cedi ended 2022 as the second weakest currency on the African continent with a year-to-date loss of 38.86% to the US dollar, according to Bloomberg.\r\n\r\nGlobally, the local currency placed 145 th . The Sierra Leone Leone came 146 th \u00a0whilst the Argentina Peso and Sierra Lankan Rupee placed 147 th \u00a0and 148 th \u00a0respectively.\r\n\r\nThey were classified as the currencies with the \u201cWorst Spot Returns\u201d by Bloomberg."

"Cedi posts 5% YTD value loss to dollar"

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