Cedi Depreciation: Local Currency Grows From Strength To Strength As $1 Now Goes For GH¢10.70
- The Ghanaian cedi has continued its momentum against the United States Dollar
- The cedi has since last week made significant gains against the American ‘greenbacks’
- The good showing of the local currency has seen it moving from the worst to the best currency in the world
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The good showing of the Ghanaian cedi is continuing unabated as it appreciates significantly for another week running.
The cedi’s momentum against the United States Dollar and other global trading currencies appears not to be slowing down anytime soon.
Cedi Appreciates Steadily Against US Dollar
In the last two weeks, the cedi has been appreciating steadily.
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The strength was sustained today, December 14, 2022, after the cedi again gained 5.6% value against the dollar which translates into a cumulative gain of approximately 33.6% in December alone.
$1 is now trading at an average rate of GH¢10.70 with a market range between GH¢10.70 to GH¢11.28.
It will be recalled that the cedi lost more than 50% value against the dollar before December 2022.
Cedi's Strength Sees It Move From Worst To Best Performing Currency Worldwide
This led to it being tagged as the worst-performing currency. But its recent good showing has seen it being named the best-performing currency.
Some analysts are of the view that the strengthening of the cedi follows the launch of the government’s Domestic Debt Exchange programme and the clinching of the Staff-Level Agreement with the International Monetary Fund (IMF) for a $3 billion economic bailout package.
Cedi-Dollar Depreciation: Akufo-Addo Warns Against Speculations - Sika Mpɛ Dede
Earlier, YEN.com.gh reported that President Nana Addo Dankwa Akufo-Addo addressed Ghanaians on the state of the economy following agitations from a section of the populace.
The economy, which is in turmoil necessitating the country's return to the International Monetary Fund (IMF), was the focus of his speech to the country on Sunday, October 30, 2022.
In the televised address, the President cautioned Ghanaians against unfounded speculations about the value of the cedi against the dollar and other major global trading currencies.
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