- The cedi has fallen again after briefly holding up against the dollar last week
- The cedi is selling at 10.12 to one dollar at forex bureaus on Monday, September 5, 2022
- The appreciated marginally last week and was selling at 9.98 to the dollar, triggering optimism among Ghanaians
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The marginal appreciation of the Ghana cedi against the dollar and other major trading currencies last week appears short-lived as the cedi sells above GH¢10 to $1 again.
Last week, the cedi brought hope to many traders and Ghanaians in general when it started the last quarter of the year on a high note, appreciating marginally against the dollar at forex bureaus on September 1, 2022.
The cedi was selling at GH¢9.98 to the dollar on the forex market on September 1. However, two weeks before this marginal rise, the cedi sold at GH¢10.11 to $1.
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When the cedi appreciated marginally, Vice President Mahamudu Bawumia and Finance Minister Ken Ofori-Atta received praise from a section of the public for bringing their expertise to bear.
The vice president touted as the governing New Patriotic Party's economics wizard boasted that the government had put in place robust measures to prevent it from depreciating against the dollar.
He said jokingly in the early days of Akufo-Addo's administration that the cedi fall had been arrested, locked up, and the key was given to the head of the police administration.
The comment is regarded as a symbolic way of assuring Ghanaians that the government was capable of preventing currency depreciation which causes inflation.
This is how the cedi is performing against the major trading currency on September 5
Bank of Ghana Receives $750 Million Afreximbank Loan To Strengthen Cedi Against Dollar
YEN.com.gh reported previously that the Bank of Ghana has received $750 million from the African Export-Import Bank, as a scarcity of the American greenback in Ghana puts pressure on the cedi.
The Afreximbank loan hit the BoG account on Thursday, August 25, 2022, and is intended for infrastructure projects.
However, the central bank is expected to give out the cedi equivalent to the contractors and keep the dollars. This will firm up efforts to hold the cedi fall against the dollar.
Afreximbank loan: Explain why only $713m out of approved $750m hit GOG's Bank account – Ato Forson quizzes Finance Ministry
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