The Ghanaian Cedi has cemented its position as the eighth best performing currency against the dollar on the African Continent.
In West Africa, the Cedi is second to the CFA Franc and fourth in the Sub-Saharan Africa region.
The Cedi’s strong performance against the dollar for the most part of 2020, has been largely attributed to the Bank of Ghana’s intervention on the forex market, diversified exports and a relatively strong foreign reserve position.
Ghana’s foreign reserves is expected to inch close to $10 billion with the first tranche of the $1.3 billion cocoa syndicated loan hitting the account of the BoG next week.
This, some analysts say will be enough to cushion the Cedi against any unexpected volatility for the last three months of 2020.
The Cedi, since January this year, has depreciated by only 2.9 per cent against the American green currency, losing just 24 pesewas in value terms.