The local currency is expected to survive its perennial depreciation against the greenback for the first quarter of 2021.
The anticipated appreciation of the cedi against the dollar comes on the back of measures put in place by the Bank of Ghana to ensure the stability of the cedi against the dollar as well as data from some banks and currency platforms.
The local currency often comes under pressure in the first quarter of every year as most businesses increase their demand for dollars for imports into the country.
But current data from banks and currency platforms like the Bloomberg Currency Platform – a major reference for businesses and banks – indicate that the cedi has appreciated against the dollar reaching Ghs 5.78 pesewas from a previous Ghs 5.86 pesewas.
The new Ghs 5.78 pesewas exchange rate to the dollar is the lowest recorded since the beginning of this year.
To some analysts, the cedi’s spectacular performance against the dollar for most part of last year and for the first two months of 2021 is due to some externalities such as reduced imports occasioned by the pandemic.
Currently, the cedi is trading at Ghs 5.78 pesewas to the dollar, Ghs 8.06 pesewas to the pounds and Ghs 7.05 pesewas to the euro respectively.
