GOOD NEWS: Ghana Cedi Appreciates In Value Against Dollar
It’s quite unfortunate that for the past few months, the cedi has depreciated drastically against major international foreign currencies such as the dollar, pounds and the euros. However, the cedi sometimes gain some level of strength against the dollar and other currencies.
News coming in indicates that the Ghana cedi has once again strengthened in value against the dollar almost a day after the government launched the Debt Exchange Programme.
The local currency also improved in value against the other major foreign currencies, the pound and the euro.
It is being sold by forex bureaus at an average of ¢13.70 to the American ‘greenback’. It is also going for ¢14 to the euro and ¢16.70 to the pound
It is, however, unclear why the cedi gained value against these major international currencies.
But some market watchers and analysts may attribute it to the Debt Exchange Programme as the government defined the parameters of the programme to pave way for a programme from the International Monetary Fund (IMF).
The local currency had remained relatively stable, particularly to the dollar in recent weeks.
It saw a week-on-week appreciation of 3.12% against the dollar, 0.88% to the pound and 3.79% versus the euro on the retail market. It has however depreciated by a little over 50% since the beginning of the year.
The government of Ghana is making several plans and strategies to make sure that the level of depreciation of the cedi is brought to a rest.
