Cedi records 0.86% YTD loss against greenback; now selling at GHS 12 to a dollar
The Ghanaian cedi has lost about 0.86% in value to the dollar since the beginning of the year.
On the back of the decline in value, the local currency is now selling at GHS 12 to the dollar on the retail forex market as at January 10, 2023.
The Central Bank, however, per its daily forex exchange updates for Tuesday, January 10, 2023, quoted a dollar for GHS 9.00 on the interbank forex market.
Checks at some forex bureaus indicate that the pound is the major currency that has lost more value so far in 2023. 1 GBP is presently going for GHS 14.20.
The euro has also depreciated by a little over 1%, trading at GHS 12.50.
Analysts and market watchers believe the stability of the cedi this year hinges on an International Monetary Fund-support programme.
The government is presently in negotiations with the Fund and other multilateral lenders to get a debt cancellation for Ghana. This is intended to ensure a successful debt restructuring programme and pave way for a $3 billion financing deal from the Fund.
Any positive news will help improve the fiscal position of the country and therefore boost the balance of payment of the country.
The Ghana cedi ended 2022 as the second weakest currency on the African continent with a year-to-date loss of over 50% to the US dollar, according to Bloomberg.
Globally, the local currency placed 145th. The Sierra Leone Leone came 146th whilst the Argentina Peso and Sierra Lankan Rupee placed 147th and 148th respectively.
