Cedi Depreciation: Local Currency Strengthens Against Dollar A Day After Akufo-Addo’s Speech; $1 Now Gh¢13.60
- The Ghanaian cedi has strengthened against the dollar a day after President Nana Akufo-Addo addressed the country
- The local currency is now trading at $1 to Gh¢13.60 as the rate of depreciation continues
- For three days running, the cedi has stabilized against the United States dollar and other major global trading currencies
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The Ghanaian cedi has continued its recovery journey against the United States dollar.
This strengthening of the local currency comes barely 24 hours after President Akufo-Addo’s address to the country on the challenges in the Ghanaian economy.
The cedi, which for the greater part of the year has been on a free fall, has, for the third day running, seen its rate of depreciation slowing down.
Forex bureaus across the country now sell one US dollar for Gh¢13.60.
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Cedi Gains 1.07% In Value To US Dollar
The local currency since the whole of last week has strengthened against the dollar and other major global trading currencies.
Against the dollar, the cedi gained about 1.07% in value last week.
But the rather good showing of the cedi in recent days appears not to be enough to lift it from the bottom of worst-performing currencies.
No Funds Will Be Lost To Ongoing IMF Negotiations For Bailout - Akufo-Addo
Following agitations among a section of the populace on the current economic crisis, which has led to hardships, President Akufo-Addo addressed Ghanaians and assured the investing community that no funds would be lost to the ongoing engagements with the International Monetary Fund (IMF).
The President also cautioned Ghanaians against negative pronouncements on the cedi, contributing to its losing value.
Bank of Ghana Receives $750 Million Afreximbank Loan To Strengthen Cedi Against Dollar
Earlier, YEN.com.gh reported that the Bank of Ghana had received $750 million from the African Export-Import Bank (Afreximbank), as a scarcity of the American green buck in Ghana puts pressure on the cedi.
The Afreximbank loan hit the BoG account on Thursday, August 25, 2022, and is intended for infrastructure projects.
However, the central bank is expected to give out the cedi equivalent to the contractors and keep the dollars. This will firm up efforts to hold the cedi fall against the dollar.
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