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
- What an honour it is to be here in Ghana – Kamala Harris
14 mins - Ghana’s reserves improve slightly to $2.62bn; balance of payment remains negative
30 mins - 2023 Onga Cook Art: Akumadan SHS emerges as Ashanti Regional Champions
54 mins - Average lending rates shoot up marginally to 36.64% – BoG
56 mins - Full text: Kamala Harris’ speech upon arrival in Accra
58 mins - I intend to do work that will increase investment in Africa – Kamala Harris
2 hours - I’m very excited about the future of Africa – Kamala Harris
2 hours - US Vice President Kamala Harris’ full speech upon arrival in Ghana
2 hours - 2023 Onga Cook Art: Boakye Tromo SHTS is Ahafo Region champion
3 hours - 2023 Onga Cook Art: Ghanass shrugs off Krobo Girls to qualify for zonals
4 hours - Angela List is Africa’s ‘Most Outstanding Woman in Mining
4 hours - Playback: Special coverage of Kamala Harris’ historic visit to Ghana
4 hours - Kamala Harris Africa trip: Can US charm offensive woo continent from China?
5 hours - I’m saddened by betrayal from our MPs – NDC National Vice Chairman
6 hours - Kweku Antwi-Boasiako: NDC: A word to the wise is enough!
7 hours