The Ghana cedi continued to strengthen in value against the US dollar and all the other major foreign currencies as signs of a possible Staff-Level Agreement between the government and the International Monetary Fund by tomorrow, December 13, 2022, looms.

The local currency is trading this afternoon at ¢12.50 to the US dollar.

Prior to that, it was the best-performing currency in the world the entire last week, improving in value by about 8% to the American greenback.

Its year-to-date depreciation is presently 49% and still ranks it as one of worst-performing currencies in the world this year.

The local currency is also going for ¢12.90 and ¢15.60 to the euro and pound respectively

Meanwhile, the expected improvement in the value of the cedi will trigger a reduction in petroleum prices by Friday, December 16, 2022 and a decrease the in prices of goods and services.

Cedi posts world’s biggest gain against US dollar

According to Bloomberg, Ghana’s currency took the title of the world’s best performer against the dollar this week amid optimism the debt-distressed country is moving closer to unlocking an International Monetary Fund bailout. 

It closed last week December 9, 2022, selling at ¢12.80 to a US dollar.