The Ghana cedi regained some strength against the US dollar today October 25, 2022 in the retail or forex market, following weeks of consecutive free fall.
On two occasions, the cedi improved in value against the American ‘greenback’ ending the day at ¢14.50, figures from the forex bureaus indicate.
This is almost 4% gain against the world’s most important currency just in a day. However, the year-to-date depreciation is about 58%.
The local currency strengthened by 1.97% to the American ‘greenback’ earlier in the day.
It also improved in value against the pound and the euro. It sold at ¢15.7 and ¢13.55, from the ¢16 and ¢13.90 it traded yesterday, October 24, 2022.
It is unclear whether the improved value of the local currency against the major currencies would be sustained going forward.
Analysts and market watchers are also unsure whether the sudden improved performance of the cedi will continue. Many would be watching keenly if the sudden turn around would be short-lived.
President Akufo-Addo today met the Ghana Association of Bankers, the Association of Ghana Industries, among other stakeholders to find a remedy to the fast depreciation of the cedi as well as other economic challenges facing the country.
Prior to that the Governor of the Bank of Ghana, Dr. Ernest Addison, had met the Ghana Association of Bankers and the Forex Bureaus Association of Ghana over the cedi’s woes.
Cedi depreciation slows down; 1$ now ¢14.90
The rate of depreciation of the Ghana cedi to the US dollar slowed down today following weeks of free fall as government takes decisive action to tame the ailing local currency.
The local currency strengthened by 1.97% to the American ‘greenback’, checks by Joy Business at some leading forex bureaus indicate.
Latest Stories
-
Bawumia pushes for land digitisation to tackle land guard menace
5 mins -
Faith-based institutions are instrumental in national development – Bawumia
13 mins -
Upholding the Integrity of Presidential Promises: A call to Ghanaian leaders
21 mins -
I don’t start ‘beefs’; I only reply – Strongman refutes claims
24 mins -
Vice President Bawumia promises reforms to turn Ghana’s fortunes around
32 mins -
REGSEC warns encroachers along Tema-Sakumono Ramsar site as it races to prevent flooding
40 mins -
Kumasi International Airport to be commissioned ahead of time – Transport Ministry
47 mins -
Vomit your loot now or hold onto it and face the consequences – Asiedu Nketiah to Akufo-Addo, NPP
57 mins -
Democracy is going to reverse in West Africa if we don’t tackle economic hardships – Atuguba
2 hours -
Bawumia commissions 124 housing units for victims of Appiatse disaster
2 hours -
Stonebwoy’s The Livingstone Foundation surprises talented autistic boy with gifts
2 hours -
NPP should’ve referred Kingsley Nyarko’s bribery allegation to the police – Inusah Fuseini
2 hours -
Police pursue gunmen for killing 2 off-duty officers at Trasacco
3 hours -
Bayer Leverkusen beat Roma to win semifinal first leg
3 hours -
Aston Villa face tough task after 2-4 defeat to Olympiacos
3 hours