Cedi Appreciates In Value Again Selling For GH¢8 To $1 On Interbank Market, GH¢10.50 On Forex Market

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.

The cedi has appreciated in value again after selling for GH¢8 to $1 on the interbank market and GH¢10.50 on the forex market
A smiling President Akufo-Addo, some wads of cedi notes and dollar bills; and the Official Bank of Ghana Exchange rate Image Credit: @ayorimba.godwin
Source: Facebook

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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Majority Chief Whip calls on government to address soaring prices as cedi appreciates against US Dollar

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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

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Experts forecast worse times for cedi despite ‘magical’ appreciation against dollar

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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Source: YEN.com.gh

Authors:
Ekow Annan avatar

Ekow Annan Francis Ekow Annan writes for YEN.com.gh. He has been part of the Politics and Current Affairs Desk since August 2022. Ekow has over ten years of experience in news reporting via various multimedia channels, including TV, Radio, and Online. He is an experienced multimedia journalist specialising in telling impactful current affairs, politics and business stories. He holds a BA in Communications (Strategic Communications) from the prestigious African University College of Communications (AUCC).

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