The Ghana cedi is now selling at ¢8.6067 to the US dollar in the interbank forex market following days of sustained stability.
This is about 0.53% marginal loss in value since the beginning of the year.
The dollar was selling at GH¢8.5817 on Tuesday, January 3, 2023.
However, retail or forex market is quoting a dollar for ¢12.00.
Checks by the Ghana Report indicate that at some forex bureaus, the pound is the major currency that has lost more value so far in 2023. One pound is presently going for ¢10.24.
Figures from the Bank of Ghana (BoG) for Thursday, January 5, 2023, shows that the dollar is now selling at GH¢8.6067.
The euro has also depreciated by a little over 1%, trading at ¢9.07.
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.