Reduced local demand for the dollar is one of the likely causes for the Cedi gain – Joe Jackson

Chief Operations Officer at Dalex Finance Mr Joe Jackson has stated the likely reasons for the Cedi’s remarkable performance against the Dollar lately.

The Ghana Cedi is buying at 10.9245 to a dollar and selling at 10.9355 as of today Thursday, April 6, according to the Interbank forex rates from the Bank of Ghana (BoG).

At a forex bureau in Accra, the dollar is being bought at a rate of 10.30 and sold at a rate of 11.30.

Cedi – USD has appreciated by 13.95% (from 12.55 to 10.80) since 6 Mar 2023.
Likely Reasons:
1. Lower local demand for USD
2. USD depreciation against global currencies
3. Investors no more moving Cedi funds to USD
Check out the infographic for more#BrokeGhana pic.twitter.com/c1JhjA50bE

— Joe Jackson (@Joe_Jackson_GH) April 6, 2023

Against the Pound Sterling, the Cedi is trading at a buying price of 13.6120 and a selling price of 13.6267.

At a forex bureau in Accra, the pound sterling is being bought at a rate of 13.40 and sold at a rate of 14.40.

The Euro is trading at a buying price of 11.9278 and a selling price of 11.9386.

In a tweet, Mr Joe Jackson said “Cedi – USD has appreciated by 13.95% (from 12.55 to 10.80) since 6 Mar 2023.

“Likely Reasons: 1. Lower local demand for USD 2. USD depreciation against global currencies 3. Investors no more moving Cedi funds to USD Check out the infographic for more.”