In the coming days and weeks, the Ghana cedi is projected to remain steady and maybe strengthen against the US dollar.
This is owing to the government’s significant efforts to meet the Domestic Debt Exchange Program’s aim.
The program’s completion will clear the path for the International Monetary Fund Board to approve a support program for Ghana.
Following a bad performance in January 2023, the Ghana cedi has shown steadiness against the dollar in the last week.
It gained 0.78% against the US dollar last week, trading at around ¢12.85 per US dollar.
The Central Bank sold approximately $22 million on the spot market last week to assist cool corporate demand.
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The government last week achieved a deal with the Domestic Debt Exchange Programme’s key partners (the Ghana Association of Banks, the Ghana Insurance Association, and the Ghana Association of Securities Industry).
It did, however, extend the deadline for the Domestic Debt Exchange Programme to February 7, 2023, yesterday, January 31, 2023.
As a result, it urged all stakeholders to engage in the program, which is an important step toward attaining its debt sustainability objectives and restoring macroeconomic stability and economic growth.
Many analysts, Joy Business included, feel that this is critical to reaching the Board Level Agreement with the IMF, which will have a beneficial influence on the outlook of the foreign exchange market and, as a result, the cedi.
SOURCE: myjoyonline
