Business News
Cedi Recovers Slightly Against Dollar, Others; One Dollar Going For GH¢16.22
The Ghana cedi recovered slightly against the US dollar and the other major foreign currencies last week.
This follows announcement that Ghana had secured a significant participation rate from its Euro bondholders to restructure $13bn of its international debt.
Again, the International Monetary Fund reached a Staff Level Agreement with Ghana on the Extended Credit Facility programme on Friday, October 4, 2024.
The cedi gained 0.09% week-on-week to the American greenback and close at a mid-rate of GH¢16.19/$. It also appreciated 0.35% week-on-week against the pound and 0.28% week to the euro.
The performance of the local unit is expected to continue in the near term.
Presently, the local unit is going for GH¢16.22 to a US dollar on the retail market.
This put the year-to-date depreciation of the cedi to the dollar at about 22.0%.
Pending an IMF board approval, Ghana will have access to financing of $360 million this week.
This should bolster foreign exchange reserves and strengthen any supply-side interventions.
Analysts expect the cedi to receive some respite in the coming weeks as market sentiment continues to improve ahead of the fund release.
Credit: Joy Business
