The Ghana cedi has strengthened in value against the US dollar and other major foreign currencies for the third-day running.
According to inter-bank rate checks and foreign bureaus, it is now going for ¢12.80 on average to the US dollar.
The cedi is also selling at ¢12.85 to the euro and ¢15.00 to the British pound, respectively.
The continuous weakening of the dollar against major foreign currencies and clarity on Ghana’s debt restructuring programme is helping the cedi to improve in value against the US dollar.
Therefore, the cedi’s depreciation rate has narrowed to about 48%.
Last week, the local currency gained 3.12% against the dollar, 0.88% to the pound and 3.79% versus the euro on the retail market.
Yesterday November 8, checks in foreign bureaus within the capital city of Accra revealed that the local currency was pegged at an average of ¢13 to the US dollar.
The pound and euro also sold at ¢15.90 and ¢13.15, respectively, to the cedi.