The cedi will post gains against the dollar as it is expected that the IMF agreement will affect the market
The Ghanaian cedi is expected to register gains against the dollar and major foreign currencies this week as progress in the International Monetary Fund (IMF) is having a positive impact on the market.
According to several analysts who spoke to Joy Business, the cedi's performance since March 2023 has been surprising, despite Ghana's weak payment situation. In the first two months of 2023, the cedi lost about 22.1% against the US dollar, but since March 2023 it has remained stable against the US dollar.
According to Bloomberg, the cedi strengthened 5.3% on May 15, 2023, the most since April 3, 2023. It gained 5.0 pesewas against the US greenback andthe retail market sold at 11.90¢on May 15, 2023.
The country's currency was trading sideways earlier last week but managed to gain stability following theannouncement of debt relief by Ghanaian creditors, which is very important for the country. receives approval from the Executive Board of the International Monetary Fund. The cedi gained 0.21% against the dollar in the last week
The cedi also benefited from the monetary support of the Bank of Ghana, which made it gain 0.21% weekly against the dollar.
It rose 0.77% against the euro, but remained unchanged against the pound. If this trend continues, the city's budget will significantly reverse the losses incurred earlier this year.
According to several analysts who spoke to Joy Business, the cedi's performance since March 2023 has been surprising, despite Ghana's weak payment situation. In the first two months of 2023, the cedi lost about 22.1% against the US dollar, but since March 2023 it has remained stable against the US dollar.
According to Bloomberg, the cedi strengthened 5.3% on May 15, 2023, the most since April 3, 2023. It gained 5.0 pesewas against the US greenback andthe retail market sold at 11.90¢on May 15, 2023.
The country's currency was trading sideways earlier last week but managed to gain stability following theannouncement of debt relief by Ghanaian creditors, which is very important for the country. receives approval from the Executive Board of the International Monetary Fund. The cedi gained 0.21% against the dollar in the last week
The cedi also benefited from the monetary support of the Bank of Ghana, which made it gain 0.21% weekly against the dollar.
It rose 0.77% against the euro, but remained unchanged against the pound. If this trend continues, the city's budget will significantly reverse the losses incurred earlier this year.
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