Ghana’s Cedi Gains 25% Value To Dollar Within A Week And Half

The Ghana cedi recorded its biggest gain against the US dollar in recent times, as the resurgence of the local currency continues.

Within the last 10 days, the local currency gained more than 25% against the American “greenback,” narrowing the year-to-date depreciation to around 30%.

Indeed, the cedi within this period is the best-performing currency in the world. However, its year-to-date performance still ranks it as one of the worst in the world in 2022.

The forex bureaus or the retail market are selling a dollar for about ¢11 on average.

Bank of Ghana Exchange Rates pic.twitter.com/qhZLbMO3mt

— Bank of Ghana (@thebankofghana) December 15, 2022

The Ghana cedi continued its rally against the US dollar and the other major foreign currencies yesterday, December 13, 2022, following the announcement of the Staff-Level Agreement between the International Monetary Fund (IMF) and the government.

Analysts believe confidence within the economy is soaring and that will trigger further gains in the cedi to the major foreign currencies.

The strong improvement in the cedi in recent times is also expected to trigger a reduction in fuel prices, beginning this Friday, December 16, 2022.

The Institute for Energy Security (IES) is predicting a significant fall in fuel prices because of about 6.6% appreciation in the value of the cedi to the dollar.

Before the expected announcement of the IMF Staff-Level agreement, the local currency had been improving in value against the dollar and the other major foreign currencies.