Cedi Appreciates In Value Again Selling For GH¢8 To $1 On Interbank Market, GH¢10.50 On Forex Market
- The appreciation of the Ghanaian cedi has continued for another week running
- The cedi has for the greater part of the year lost more than 50% value culminating in it being tagged as the worst-performing currency at a point
- But in recent times it has gained some strength and is currently selling at GH¢8 to $1 on the interbank market and GH¢10.50 on the forex market
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The cedi’s good showing against the US dollar has continued for another week running.
Despite losing more than 50% in value against the American currency, the Ghanaian cedi has had a very good run against all the major trading currencies.
Cedi On A Path Of Resurgence; Trading At GH¢8 To A US Dollar
Over the last two weeks, the local currency has been on a path of resurgence and is currently trading at GH¢8 to a US dollar on the interbank market.
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However, the price is higher on the forex or retail market with the average rate trading for GH¢10.50.
According to the official interbank exchange rates published by the Bank of Ghana on Friday, December 16, 2022, the British pound and euro are also selling at ¢9.80 and ¢8.50 respectively to the cedi.
Cedi Appreciation Attributed To Renewed Investor Confidence In Economy
It is unclear why the sudden improvement of the cedi but some market analysts say the dollar has weakened in value against global currencies. They also add that the successful launch of the country’s Debt Exchange programme and the reaching of a Staff-Level Agreement has boosted investor confidence in the Ghanaian economy.
Cedi: Appreciation of Local Currency Against Dollar Stirs Concerns As 3 Experts Remain Sceptical
Earlier YEN.com.gh reported that despite the cedi's unrestrained appreciation against the US dollar and other major trading currencies, three experts remain sceptical about the future of the local currency.
Two economists and a respected policy analyst believe the rapid rise of the Ghana cedi against the dollar is artificial and have warned against early celebration.
Bright Simons, a respected policy analyst attached to think tank IMANI Centre for Policy and Education; Prof Godfred Alufar Bokpin, a University of Ghana economist; and Emmanuel Amoah Darkwa, a chartered economist, don't seem impressed.
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