This week’s Ghana cedi exchange rate against the US dollar got off to another solid start.
Joy Business confirmed this morning, April 3, 2023, that the value of the local currency relative to the US dollar increased by more than 60 pesewas.
This week’s Ghana cedi exchange rate against the US dollar got off to another solid start.
The same could be said of the pound, which appreciated in value equivalent to the pound to trade at ¢14.40.
The cedi fell in value versus the euro, selling for ¢13.60.
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According to some analysts, the government’s achievement in resolving its debt with the bilateral creditors may be the cause of the recent rise in the value of the cedi relative to the major international currencies.
The recent trip to China by Ghana’s finance minister, Ken Ofori-Atta, to discuss a debt restructure was hailed as progressive and hopeful of producing fruitful results soon.
Again, the recent US government announcement of support for Ghana is a key factor in the resuscitation of the cedi.
As she completed the first part of her tour of the continent, U.S. Vice President Kamala Harris unveiled a $1 billion initiative to boost women’s economic development in Africa last week in Ghana. The program, which was mostly supported by the private sector, was unveiled by her office in Accra.
Cedi remains stable in recent weeks
Although the Bank of Ghana tightened its foreign exchange interventions in recent weeks, the local currency had remained stable in comparison to the major trading currencies on the foreign exchange market.
Only $5.5 million worth of spot market sales were made two weeks ago, and the Bulk Oil Distribution Companies received no assistance from it.
Also, last week’s decline in foreign exchange demand was aided by rising investor confidence.
SOURCE: MYJOYONLINE
