Adnan Adams Mohammed
The local currency (Cedi) has appreciated in value against international trading currencies, especially the US dollar, starting last week.
The cedi appreciated by 0.09% against the US dollar over the week, closing at a mid-rate of GH¢16.19 per DOLLAR. It also saw a 0.35% gain against the pound and a 0.28% rise against the euro.
This is attributed to successes in the country’s ability to secure restructuring of US$13 billion of Eurobond debt as well as reaching International Monetary Fund (IMF) Staff Level Agreement on the Extended Credit Facility programme.
Ghana is set to receive $360 million in financing this week, if IMF Board approves the Staff-level agreement. This could improves the country’s foreign exchange reserves and strengthen supply-side interventions.
This, some analysts have predicted that, marginal appreciation of the Cedi is expected to continue in the short term. As it currently trading at GH¢16.22 to the US dollar on the retail market.
Meanwhile, the year-to-date depreciation against the US dollar remains significant at around 22%.
