Cedi appreciates against dollar
The local currency for the third-day running strengthened in value against the US dollar and other major foreign currencies.
The local currency is now going for GHS 12.80 to the dollar on the retail forex market.
The cedi is also selling at GHS 12.85 to the euro and GHS 15.00 to the British pound respectively.
It appears the continuous weakening of the dollar against major foreign currencies and clarity on Ghana’s debt restructuring programme is helping the cedi to improve in value against the US dollar.
Given the appreciation of the cedi against the dollar in the few past days, the YTD rate of depreciation of the cedi against the dollar has narrowed to 48%.
Last week, the local currency gained 3.12% against the dollar, 0.88% to the pound and 3.79% against the euro on the retail market.
Yesterday, the cedi sold at GHS 13 to a dollar at most forex bureaus.
