The Bank of Ghana has assured that the cedi’s recent rebound should continue with the dissipation of election-related uncertainties and the improved foreign exchange buffers accumulated by the central bank.

According to the Central Bank, a combination of economic uncertainty brought about by the upcoming elections and the high demand for foreign exchange has led to an exchange rate path that is slightly deviated from the fundamentals.

However, it said with strong macroeconomic policy implementation and improved foreign exchange availability, the economy should observe a realignment of the trajectory of the exchange rate with the fundamentals.

Since October 2024 ending to November 2024, the Ghana cedi has recorded respective appreciations of 6.0%, 7.6% and 9.1% against the US dollar, the British pound and the euro.

This has brought the year-to-date depreciation of the cedi against the US dollar, the British pound and the euro to 22.7%, 22.4%, and 19.1%, respectively.

With an expected inflow of $360 million from the International Monetary Fund in December 2024, the cedi’s recovery may continue.

The cedi is presently trading at about GH¢16.50 to one US dollar on the retail market.