The Ghana cedi continued its recent gain against the US dollar, starting the week on a positive note.
Checks by Joy Business at the forex bureaus indicate that the local currency gained 10 pesewas early morning of February 6, 2023, to sell at ¢12.40 to the dollar.
This narrowed its year-to-date loss in the retail market.
The same story can also be said about the pound and the euro as the cedi is going for ¢14.80 and ¢13 respectively.
The cedi gained about 3.1% value to the American ‘greenback’ last week. A week before, it improved in value by about 0.78%.
Many market watchers and analysts are surprise about the sudden turn of the performance of the local currency, especially when the country’s reserves have gone down drastically to about 2.7 months of import cover, whilst the government struggles to revive the fiscal economy.
However, the recent resurgence of the cedi could signal that investors are very certain of an International Monetary Fund bailout programme soon.
The local currency depreciated by about 38.8% to the American greenback in 2022, according to Bloomberg.
It began the year going for ¢11.60, and in the first month of 2023 had lost about 19% in value to the US dollar, the Bank of Ghana stated in its January 2023 Summary of Economic and Financial Data.
Latest Stories
-
IGP shares Easter safety tips on Adom FM’s ‘Ofie Kwanso’
10 mins -
Ebo Whyte offers fully-funded trip as he unveils new play ‘Dubai or No Sex’
21 mins -
Ancient culture of Anlo Kingdom: Exploring “Torkor Atorlia,” the fifth landing stage’s old ways of punishment
37 mins -
Leaders from Saudi Arabia, Turkey, Botswana, Cameroon and Sierra Leone to lead discussions at Africa Finance Corporation’s (AFC) 4th Country & Stakeholder Symposium
1 hour -
Network International Delivers Strong 2023 Revenue growth at 15% y/y and free cashflow growth of 16% y/y
1 hour -
President Akufo-Addo extends Easter Greetings to Ghanaians, urges safe drive
1 hour -
Government pushes for use of more local materials in housing, other infrastructure projects
2 hours -
Dr Bawumia extends Easter greetings to Christians
2 hours -
CAF Confederation Cup: ‘Ghanaians should expect victory against Stade Malien’ – Dreams FC forward Ishmael Dede
3 hours -
CAF Confederation Cup: ‘We want to go there and win’ – Karim Zito on Stade Malian clash
3 hours -
Togbe Adzie Lãkle Howusu XII endorses youth leadership as New Force Movement gains momentum
3 hours -
Public Utility Workers Union appeals to PURC to address power crisis
4 hours -
Anbariya loses another appeal in Kumasi as Appeal Court ratifies High Court ruling against the Islamic Institute
4 hours -
Highway construction health hazard: Ofankor-Pokuase-Nsawam residents appeal for dust relief
4 hours -
SuperJazzClub releases its first single of the year ‘Off’
4 hours