Latest numbers from some commercial banks suggest the Ghana cedi has started appreciating against the US dollar.

Some commercial bank treasurers have told Joy Business that the local currency has seen a little over 1 percent appreciation against the US dollars over the past two days.

You are likely to get one dollar from a commercial bank at around 3 Ghana cedi 80pesewas, compared to the almost 4 cedis last week.

For some the development should come as good news ahead of the expected 1.8 billion dollars from cocoa loan syndication. The loan which is yet to hit the account of the Bank of Ghana is expected to further help appreciation of the local currency.

Government is projecting that a little over 4 billion dollars is expected to hit Bank of Ghana’s account before end of the year.

The reserves of the Bank of Ghana will be boosted by inflows from the cocoa loan syndication, EUROBOND sale and inflows from IMF’s disbursement under the extended credit facility and inflows from the country’s donor partners.  

According to figures from the Bank of Ghana, the country’s international reserves as at August this year stood at 4.5 billion dollars.

However if these reserves do not witness any sharp depletion, then the reserves could hit over 9 billion dollars by end of year. However figures from the Bank of Ghana show that on a monthly basis, the country actually spends a little over 1 billion dollars on imports.