The Ghana cedi continued its good running against the US dollar for almost two weeks as it sold at ¢12.60 to one US dollar on the forex or retail market.
This is coming after it recorded a little over 17% depreciation to the world’s most important currency in January 2023 alone.
The local currency has recorded about 2% improvement in value to the American ‘greenback’ this week, signalling to investors that the government is progressing with its Domestic Debt Exchange Programme.
However, the same cannot be said about the cedi’s performance against the euro and the pound as it has declined slightly against these two major foreign currencies.
The cedi is going for ¢15.5 and ¢13.50 to the pound and the euro respectively.
The Bank of Ghana is however quoting one dollar at ¢10.804 on the interbank market.
Fast forward, analysts are optimistic that the currency will maintain its strong momentum against the US dollar if the government shows a strong commitment to stabilising the economy through prudent fiscal management.
The cedi gained a marginal 0.78% value to the American greenback last week to trade at about ¢12.85 to one US dollar.
The Central Bank during that period sold about $22 million on the spot market to help tame the corporate demand.
Latest Stories
-
Paris 2024: Opening ceremony showcases grandiose celebration of French culture and diversity
3 hours -
How decline of Indian vultures led to 500,000 human deaths
4 hours -
Paris 2024: Ghana rocks ‘fabulous fugu’ at olympics opening ceremony
4 hours -
Trust Hospital faces financial strain with rising debt levels – Auditor-General’s report
5 hours -
Electrochem lease: Allocate portions of land to Songor people – Resident demand
5 hours -
82 widows receive financial aid from Chayil Foundation
5 hours -
The silent struggles: Female journalists grapple with Ghana’s high cost of living
5 hours -
BoG yet to make any payment to Service Ghana Auto Group
5 hours -
‘Crushed Young’: The Multimedia Group, JL Properties surprise accident victim’s family with fully-furnished apartment
6 hours -
Asante Kotoko needs structure that would outlive any administration – Opoku Nti
6 hours -
JoyNews exposé on Customs officials demanding bribes airs on July 29
7 hours -
JoyNews Impact Maker Awardee ships first consignment of honey from Kwahu Afram Plains
8 hours -
Joint committee under fire over report on salt mining lease granted Electrochem
8 hours -
Life Lounge with Edem Knight-Tay: Don’t be beaten the third time
8 hours -
Pro-NPP group launched to help ‘Break the 8’
9 hours