- The Ghanaian cedi has strengthened for the second consecutive day against the US dollar and other major global trading currencies
- The local currency made a 4% gain in value compared to the United States dollar in just a day
- The appreciation of the cedi is attributed to the anticipated dollar inflow from the $1.3 billion cocoa-syndicated loan
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For the second consecutive day, the Ghanaian cedi has appreciated in value to the United States dollar.
The cedi, which has been on a freefall for weeks now, made an almost 4% gain against the world’s most important currency in just a day.
Trading at GH¢15 to the dollar for the greater part of the year, the local currency has regained some strength and now selling at GH¢14.
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The strong showing of the cedi began manifesting 24 hours earlier, as it traded at GH¢14.50 to a dollar at forex bureaus in the country yesterday, October 25, 2022.
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Dollar Inflow From Cocoa Syndicated Loan Accounting For Good Showing Of Cedi
The first tranche of the loan, which is in the region of $790 million, is expected to hit the coffers of the Bank of Ghana later today.
Analysts also add that the progress of negotiations between government officials and the International Monetary Fund for an economic bailout is accounting for the good showing of the cedi.
The announcement by President Nana Akufo-Addo that the $3 billion IMF deal will be reached soon is also said to have fuelled investor sentiments and restored some confidence that the government is committed to economic recovery.
The cedi made some gains against the major global trading currencies as it sold for GH¢15.50 and GH¢13.20 to the pound and euro, respectively.
Cedi Slumps To Three-Decade Record Low Against US Dollar; Ranked Second-Worst Performing Currency In The World
Earlier this month, YEN.com.gh reported that the cedi had dropped 40% in value against the US dollar, making it the second-worst-performing currency in the world.
According to Bloomberg, the cedi has lost so much value in the first nine months of 2022 that it is currently the 147th worst currency in the world.
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