The cedi will remain stable going forward as foreign exchange (FX) demand dwindles.
This follows clarity on the external debt exchange as government seeks debt reprofiling for most of the country’s external debt.
The local currency gained some ground last week [February 27, March 3, 2023], although the Bank of Ghana reduced its FX support, selling $5.20 million as against $10.75 million sold the previous week.
The cedi consequently clawed back 1.56% week-on-week of its value against the dollar to close the week at a mid-rate of ¢12.80/$1 on the retail market.
This signaled reduced demand pressures on the American greenback.
Again, the local currency also made a weekly gain of 3.68% and 5.41% against pound and the euro, respectively, on the forex market
The recovery of the Ghana cedi continued yesterday March 7, 2023 as the local currency gained some 30 pesewas from last Friday March 3, 2023 pricing to lower its year-to-date loss.
The local currency sold for ¢12.50 at the forex bureaus.