Cedi falls, $1 now ¢12.90

Cedi falls, $1 now ¢12.90

The recent gains by the Ghana cedi has come to a halt as the local currency lost some stability to the US dollar as at February 20, 2023.

At the forex bureaus today, the cedi was going for ¢12.90 to one American ‘greenback’.

The same story could also be told about the pound and the euro, as the cedi was being sold for ¢15.20 and ¢13.60 respectively.

However, the Bank of Ghana is quoting a dollar at ¢10.80 on the interbank market.

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On Friday, February 17, 2023, the cedi traded at ¢12.75 to one American currency.

Prior to that, the cedi had for two weeks running recorded improvement in value to the dollar.

It had gained about 3.12% in value ending February 10, 2023 to the world’s most powerful currency.

Some analysts were anticipating that a successful closure of the Domestic Debt Exchange Programme will have helped improve the stability of the currency.

But with the expected International Monetary Fund (IMF) support programme in March 2023, the recent depreciation trend may soon be reversed.

source: joy business