Cedi depreciates marginally to sell at ¢12 to a dollar

The Ghana cedi is now selling at ¢12 to the US dollar in the retail or forex market, following days of sustained stability.

This is about 0.86% loss in value since the beginning of the year.

The Bank of Ghana is however quoting a dollar for ¢9.00 on the interbank forex market.

Checks by Joy Business at some forex bureaus indicate that the pound is the major currency that has lost more value so far in 2023. One pound is presently going for ¢14.20.

The euro has also depreciated by a little over 1%, trading at ¢12.50.

Analysts and market watchers believe the stability of the cedi this year hinges on an International Monetary Fund-support programme.

The government is presently in negotiations with the Fund and other multilateral lenders to get a debt cancellation for Ghana. This is intended to ensure a successful debt restructuring programme and pave way for a $3 billion financing deal from the Fund.

Any positive news will help improve the fiscal position of the country and therefore boost the balance of payment of the country.

The Ghana cedi ended 2022 as the second weakest currency on the African continent with a year-to-date loss of 38.86% to the US dollar, according to Bloomberg.

Globally, the local currency placed 145th. The Sierra Leone Leone came 146th whilst the Argentina Peso and Sierra Lankan Rupee placed 147th and 148th respectively.