The Ghana cedi gained a favorable 0.43% against the US dollar in the retail market last week.

It traded at a mid-rate of ¢11.73 to one Us dollar.

The local currency however depreciated against the pound and the euro respectively.

The year-to-date loss of the cedi to the American greenback hovered around 12%.

On the interbank market, the local currency has however depreciated by about 20% to the US dollar. It is currently selling at ¢10.98 to one dollar.

Rating agency, Fitch, upgraded Ghana's Local Currency (LC) on June 6, 2023, from Ca to Caa3.

Additionally, the rating agency maintained a stable outlook on the local currency, expecting that a successful foreign currency restructuring and a continued disbursement from the International Monetary Fund would lead to further LC upgrades.

Analysts believe the local currency upgrade will improve investor sentiment and strengthen the cedi against the dollar this week as the market reacts favourably to the LC upgrade.