Cedi Depreciation: Local Currency Gains Strength Against Dollar A Day After Ofori-Atta Survived Censure Motion

Cedi Depreciation: Local Currency Gains Strength Against Dollar A Day After Ofori-Atta Survived Censure Motion

  • The Ghanaian cedi is gaining grounds against the US dollar for the third day running
  • This is coming a day after the finance minister survived a vote of censure motion
  • The cedi is now trading at GH¢12.80 to $1 after selling for GH¢13.00 on Thursday, December 8, 2022

Just a day after the finance minister, Ken Ofori-Atta survived a vote of censure motion for his removal, the cedi has gained grounds.

This is the third straight day that the local currency is strengthening in value against the US dollar and other major global currencies.

The Ghanaian cedi has appreciated in value against the US Dollar a day after Ken Ofori-Atta survived the censure motion
L-R: Some wads of cedi notes; Finance Minister Ken Ofori-Atta and some dollar bills Image Credit: @Samuel-A-Jinapor @macelannan
Source: Facebook

Cedi Is Now Gaining Strength Against Dollar, Other Global Trading Currencies

According to checks by an Accra-based Joy Business, the cedi is now trading for GH¢12.80 on average to the American ‘greenback.’

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The report which was based on checks by the media outfit at some foreign bureaus also indicated that the cedi is selling at GH¢12.85 to the euro and GH¢15.00 to the British pound respectively.

Analysts say the continuous weakening of the dollar against the global trading currencies is based on the launch of Ghana’s debt restructuring programme which has helped the cedi to improve in value.

The cedi-dollar depreciation has also narrowed to about 48%.

24 hours earlier, the local currency sold at GH¢13.00 on December 8, 2022.

Ofori-Atta Stays As Finance Minister After Parliament Fails First Ever Vote of Censure

Earlier, YEN.com.gh reported that Ghana’s Parliament could not make history by voting to revoke the appointment of an appointee of a sitting president.

Ken Ofori-Atta’s appointment as finance minister could not be revoked through secret vote by Members of Parliament on Thursday, December 8, 2022.

Parliament needed only 183 votes from the 275 members of Parliament but only 136 legislators voted to support the motion filed by the Minority.

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

Meanwhile, YEN.com.gh also reported that following the domestic debt exchange programme, the cedi showed signs of strength and fitness against the US dollar.

Since Monday, December 5, 2022, the local currency has been redeeming its respect to the American greenback 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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Source: YEN.com.gh

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