Cedi Stabilises Against US Dollar Amid Kamala Harris’ Visit To Ghana: $1 Now Equals GH¢11
- The Ghana cedi seems to be doing well against the US dollar and other major trading currencies since last week
- The stability of the Ghana cedi coincides with the announcement that US vice president Kamala Harris was visiting Ghana briefly
- Available rates show that the cedi has been selling for around GH¢11 to $1 most of March on the interbank, although there has been some negligible upsurge
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Since late last week, the Ghana cedi has been appreciating steadily against the US dollar and subsequently, gained stability shortly after the visit by the US Vice President to Ghana and other African countries was announced.
Kamala Harris arrived in Ghana on Sunday, March 26, 2023, to begin a week-long, three-nation tour of Ghana, Zambia and Tanzania.
Her visit is seen as a move by the United States to counter the growing economic and political influence of China and Russia on the continent.
But since Sunday when Kamala Harris arrived in Accra, the cedi has maintained a stable rate against the US dollar and other trading currencies.
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YEN.com.gh's monitoring of exchange rates on the interbank and retail markets shows that the cedi has been selling for around GH¢11 to $1 for most of March, although there has been some negligible upsurge.
As of Tuesday, March 28, 2023, the dollar-to-cedi exchange rates provided by the Bank of Ghana show that the cedi is trading against the dollar at a buying price of 11.0087 and a selling price of 11.0197.
The cedi gained 0.1000 or 0.85% of its value in 24 hours to trade at 11.7000 to $1 on Tuesday, March 28, from 11.8000 in the previous trading session.
Although the rates by different forecasts differ slightly, there is a generally positive outlook for the cedi in the next couple of days.
However, at forex bureaus, the dollar is being bought at a rate of 11.8 and sold at a rate of 12.50, per figures provided by the Ghana Association of Forex Bureaux.
The Ghana cedi showed resilience against the British pound sterling too as it trades at a buying price of 13.5132 and a selling price of 13.5278.
However, at forex bureaus, the buying price for one pound sterling is 14.00 while the selling price is 14.80.
The U.S. vice president, meanwhile, promised $139 million in bilateral assistance that the United States intends to provide to Ghana in the 2024 fiscal year.
President declares LGBTQ+ activities are not illegal in Ghana
Meanwhile, YEN.com.gh has reported in a separate story that Akufo-Addo has been receiving condemnation for comments deemed to be inviting LGBTQ+ activities in Ghana.
The president told journalists at the Jubilee House on March 27, 2023, that LGBTQ+ activities are not illegal in Ghana.
Although the comment is accurate, many feel he should have made a statement in support of the widespread dislike for LGBTQ+ activities by the majority of Ghanaians.
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