Cedi Strengthens Further as it Goes for ¢8 to $1
The trend of the Ghanaian currency continuing to appreciate versus the United States dollar and against all of the other major foreign currencies has persisted.
In the last two weeks, the cedi has been on a path toward rebound versus all of the main trade currencies. This trend is expected to continue.
At the moment, one dollar may be purchased using the local currency for eight.
The cedi continues to gain strength as it trades at 8 to $1, while the pound and the euro are now trading for 9.80 and 8.50 to the cedi, respectively.
According to the official interbank exchange rates that were issued by the Bank of Ghana on Friday, December 16, this information is as follows:
The strong performance of the cedi in recent weeks is mostly a reflection of the United States dollar’s recent decline, together with a better expectation for the supply balance between the cedi and the United States dollar moving into the new year.
It is unclear what caused the sudden improvement in the value of the local currency, but some market analysts are attributing it to a weakening of the US dollar in comparison to other global currencies, as well as a successful launch of a debt restructuring program and the Staff-Level Agreement the government has reached with the International Monetary Fund.
Despite the lack of clarity surrounding the cause of the sudden improvement in the value of the local currency, it is important to note that the IMF and the government have (IMF).
In response to this, the Ghana Union of Traders Association (GUTA) has issued a call to action to its members, urging them to lower the rates at which they sell their wares.
According to the organization, it is essential for merchants to translate the recent advances in the local currency into a decrease in the pricing of their goods over the holiday season in order to capitalize on the opportunity to sell their wares at a lower cost.