The Ghana cedi continued to rise steadily against the US dollar amidst the Bank of Ghana’s tight foreign exchange intervention.
Last week, the local currency gained about 2.31% in value against the American ‘greenback’, although the Central Bank reduced its support to the market.
The regulator sold only $5 million on the spot market, while withholding its bi-weekly FX auctions.
The cedi closed on Friday, February 10, 2023, at an indicative rate of ¢10.80 to one US dollar on the interbank market.
It gained 0.81% to the dollar to close at a mid-rate of ¢12.35/US$ on the retail market.
It also recorded a week-on-week appreciation of 2.35% against the pound and 0.38% to the euro on the retail market.
Some analysts claim that the local currency’s recent performance indicates that Ghana is on course to achieve a successful Debt Exchange Programme which consequently will boost market confidence and positively impact the cedi’s outlook.
This will pave way for an International Monetary Fund programme by the end of the first quarter of 2023.