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Cedi starts week on strong note; $1 now ¢11.50

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cedi

The Ghana cedi started this week on another strong note against the US dollar.

Checks by Joy Business at some forex bureaus indicate that the local currency gained more than 60 pesewas in value to the US dollar this morning, April 3, 2023.

The Ghana cedi started this week on another strong note against the US dollar.

The same story could also be said about the pound as it improved in value against the British currency to trade at ¢14.40.

However, the cedi lost grounds against the euro to sell at ¢13.60.

Some analysts believe the recent surge in the value of the cedi against the major foreign currencies could be attributed to the successful progress made by the government in negotiating its debt with the bilateral creditors. Finance Minister, Ken Ofori-Atta’s recent visit to China to discuss a debt restructuring was described as progressive with hopes to reach positive conclusions in the near term.

Again, the recent announcement of support to Ghana by the US government is also playing an instrumental role in the cedi’s revival.

U.S. Vice President Kamala Harris announced in Ghana last week a $1 billion initiative to improve women’s economic empowerment in Africa as she wrapped up the first leg of her tour of the continent. Her office unveiled the programme, largely funded by the private sector, in the capital Accra.

Cedi remains stable in recent weeks

The local currency had remained stable across the major trading currencies on the foreign exchange market in the past few weeks, although the Bank of Ghana tightened its foreign exchange interventions.

Two weeks ago, it sold only $5.5 million on the spot market while providing no support to the Bulk Oil Distribution Companies. 

Also, improved investor confidence helped ease foreign exchange demand last week.

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