Cedi records 2% improvement in value to US Dollar on forex market
Ghana’s national currency, the cedi, has seen a slight increase against the US dollar, with a rate of ¢12.60 per dollar on the forex market.
This marks a 2% improvement in value, after a 17% depreciation against the US dollar in January 2023.
The cedi, however, has fallen slightly against both the euro and the pound, trading at ¢15.5 and ¢13.50 respectively.
The Bank of Ghana quotes the US dollar at ¢10.804 on the interbank market.
Analysts are optimistic that the cedi’s performance will remain strong if the government implements stable fiscal policies.
The Central Bank of Ghana recently sold $22 million on the spot market to control corporate demand.
