The Ghana cedi regained some strength against the US dollar today October 25, 2022 in the retail or forex market, following weeks of consecutive free fall.

On two occasions, the cedi improved in value against the American ‘greenback’ ending the day at ¢14.50, figures from the forex bureaus indicate.

This is almost 4% gain against the world’s most important currency just in a day. However, the year-to-date depreciation is about 58%.

The local currency strengthened by 1.97% to the American ‘greenback’ earlier in the day.

It also improved in value against the pound and the euro. It sold at ¢15.7 and ¢13.55, from the ¢16 and ¢13.90 it traded yesterday, October 24, 2022.

It is unclear whether the improved value of the local currency against the major currencies would be sustained going forward.

Analysts and market watchers are also unsure whether the sudden improved performance of the cedi will continue. Many would be watching keenly if the sudden turn around would be short-lived.

President Akufo-Addo today met the Ghana Association of Bankers, the Association of Ghana Industries, among other stakeholders to find a remedy to the fast depreciation of the cedi as well as other economic challenges facing the country.

Prior to that the Governor of the Bank of Ghana, Dr. Ernest Addison, had met the Ghana Association of Bankers and the Forex Bureaus Association of Ghana over the cedi’s woes.

Cedi depreciation slows down; 1$ now ¢14.90

The rate of depreciation of the Ghana cedi to the US dollar slowed down today following weeks of free fall as government takes decisive action to tame the ailing local currency.

The local currency strengthened by 1.97% to the American ‘greenback’, checks by Joy Business at some leading forex bureaus indicate.