The Ghana cedi continued its good running against the US dollar for almost two weeks as it sold at ¢12.60 to one US dollar on the forex or retail market.
This is coming after it recorded a little over 17% depreciation to the world’s most important currency in January 2023 alone.
The local currency has recorded about 2% improvement in value to the American ‘greenback’ this week, signaling to investors that the government is progressing with its Domestic Debt Exchange Programme.
However, the same cannot be said about the cedi’s performance against the euro and the pound as it has declined slightly against these two major foreign currencies. The cedi is going for ¢15.5 and ¢13.50 to the pound and the euro respectively.
The Bank of Ghana is however quoting one dollar at ¢10.804 on the interbank market.
Fast forward, analysts are optimistic that the currency will maintain its strong momentum against the US dollar if the government shows strong commitment in stabilising the economy through prudent fiscal management.
The cedi gained a marginal 0.78% value to the American greenback last week to trade at about ¢12.85 to one US dollar.
The Central Bank during that period sold about $22 million on the spot market to help tame the corporate demand.