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.
Latest Stories
-
Central Region schools and CIUCC celebrate United Nations Chinese Language Day
8 hours -
Maiden AshantiFest peaks this Easter weekend, Kumasi residents ready to participate in fun-filled activities
8 hours -
Joseph Nelson tackles potholes on Asem-asa N1 highway on Takoradi-Accra road
8 hours -
W/Regional Minister slams police officers allegedly accepting bribes from illegal miners
9 hours -
UEW expels postgraduate student over massive admission and certificate fraud scheme
9 hours -
GNPC’s EXPLORCO to drill first Voltaian Basin Well in 2026 as Ghana courts energy investors
9 hours -
“We have been caged” – GAFORB urges BoG to reassess forex operational guidelines
9 hours -
The idea is to give everyone a chance in football – CAF rep on African Schools Football Championship
10 hours -
MP Jerry Ahmed Shaib sounds alarm over prolonged ‘dumsor’ in Weija‑Gbawe, demands urgent action
10 hours -
Women and Girls Bleed Too: Shining the Light on haemophilia and bleeding disorders in Women and girls
10 hours -
‘Our galamsey fight is nothing but staged drama until the kingpins are dealt with’ – Prof Boadi
10 hours -
Ramadan Cup: Kudus, Kamaldeen donate trophy, medals and cash prize for 10th edition
10 hours -
Gov’t must act to end banditry and domestic terrorism in Bawku – Mamprugu overlord
11 hours -
A/R Minister announces plans to relocate Kumasi Central Prisons to help decongest the city
11 hours -
Your jobs are safe – Lands Minister assures Damang Mines workers
12 hours