Cedi recovers slightly against dollar, others; One dollar going for GH¢16.22

The Ghana cedi recovered slightly against the US dollar and the other major foreign currencies last week.

This follows announcement that Ghana had secured a significant participation rate from its Euro bondholders to restructure $13bn of its international debt.

Again, the International Monetary Fund reached a Staff Level Agreement with Ghana on the Extended Credit Facility programme on Friday, October 4, 2024.

The cedi gained 0.09% week-on-week to the American greenback and close at a mid-rate of GH¢16.19/$. It also appreciated 0.35% week-on-week against the pound and 0.28% week to the euro.

The performance of the local unit is expected to continue in the near term.

Presently, the local unit is going for GH¢16.22 to a US dollar on the retail market.

This put the year-to-date depreciation of the cedi to the dollar at about 22.0%.

Pending an IMF board approval, Ghana will have access to financing of $360 million this week.

This should bolster foreign exchange reserves and strengthen any supply-side interventions.

Analysts expect the cedi to receive some respite in the coming weeks as market sentiment continues to improve ahead of the fund release.