Cedi Strengthens Against Dollar After Debt Exchange Announcement By Ofori-Atta

• The Ghana has since Monday, December 5, 2022 been showing signs of appreciation against the dollar and other trading currencies
• The cedi has reportedly gained an impressive 4% of its value against the United States dollar this week
• The appreciation has been attributed to the domestic debt exchange programme announced by the finance minister Ken Ofori-Atta

The cedi is showing signs of strength and fitness against the US dollar following the domestic debt exchange announcement by finance minister Ken Ofori-Atta.

Since Monday, December 5, 2022, the local currency has been redeeming its respect to the American green back with significant appreciation.

A report by the B&FT citing Rand Merchant Bank shows the GH cedi gained a little over 4% against the greenback to end the first trading period after the debt exchange announcement.

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The cedi is exchanging at GH¢13.5 for $1 on the forex market.

The report acknowledges that the modest gains by the cedi is welcome news for the economy.

The cedi became the the world’s worst-performing currency after depreciating by more than 55 percent against the dollar in 2022.

The cedi fall added some GH¢93.86billion to Ghana’s public debt stock as it rose to GH¢467.37billion at the end of September, 2022.

The cedi is exchanging at GH¢16.80 for £1 at some forex bureaus in Accra.

These are the rates quoted by some forex traders.

Ofori-Atta's Debt Exchange Announcement Receives Mixed Reactions From Ghanaians

Meanwhile, YEN.com.gh has reported in a separate story that the launch of Ghana's Domestic Debt Exchange programme has been met with mixed feelings from a section of Ghanaians.

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The programme, details of which were announced by the minister of finance, Ken Ofori-Atta, at a media briefing on Monday, December 5, 2022, assured that there would be no haircuts on investments on Treasury bills and principal of bonds.

As part of the ongoing negotiations for the country's International Monetary Fund (IMF) economic programme, the minister revealed that interest payments on domestic bonds had been slashed to 0% in 2023.

Source: YEN.com.gh