Cedi soars against dollar; boosting market confidence
In a remarkable turn of events, the Ghanaian cedi has continued its upward trend against the US dollar, gaining 2.31% in value last week, despite a reduction in the Bank of Ghana’s support to the market.
As of Friday, February 10, 2023, the cedi closed at an indicative rate of ¢10.80 to one US dollar on the interbank market and increased by 0.81% to close at a mid-rate of ¢12.35/US$ on the retail market.
Moreover, the Ghanaian currency saw appreciable gains against the pound and the euro on the retail market, with a week-on-week appreciation of 2.35% and 0.38%, respectively.
Some analysts have suggested that the recent performance of the cedi is a positive indication that Ghana is on the right track to achieving a successful Debt Exchange Programme, which could help boost market confidence and have a positive impact on the cedi’s outlook.
This renewed optimism in Ghana’s economy and currency could pave the way for an International Monetary Fund programme by the end of the first quarter of 2023, according to experts.
All eyes are now fixed on the future of the Ghanaian economy and its currency, as it continues to make steady progress in the global market.
