Cedi to continue resurgence against dollar – Forex Bureau Association

The Forex Bureau Association of Ghana is anticipating further gains by the cedi in the coming weeks.

This comes at the back of a financing assurance secured from Ghana’s external creditors under the G-20 Common Framework to help restructure the country’s debt.

Also, reports had earlier indicated that the first tranche of IMF cash to support the country’s balance of payment is expected to hit the Bank of Ghana’s account this week.

According to the association, already the local currency is witnessing some stability owing to the announcement that Ghana is close to securing a $3 billion Extended Credit Facility from the IMF.

According to the Bank of Ghana interbank exchange rate for March, Cedi’s performance since mid-March 2023 has been surprising, despite Ghana’s weak balance of payment position.

Speaking in an interview, the Vice President of the Forex Bureau Association of Ghana, Dr. Alex Akpabli indicated that the association is hopeful a successful deal will aid the cedi to record further gains.

“Most businesses are struggling and therefore if the funds come it will boost more confidence in our economy. I think it will be good news for all of us. We as bureau operators are only praying that the good thing happens”.

He added that Ghana’s economy will soon bounce back once the funds are credited to the Bank of Ghana’s account.

“Ghana’s economy will be sound and robust. Therefore if it happens, as we are all praying that we secure this $3 billion loan from the IMF, I think it will help businesses”.

The International Monetary Fund (IMF) bailout for Ghana is set to positively impact the financial market as the cedi is expected to record gains against the dollar and other major foreign currencies in the weeks ahead.

The cedi gained further grounds on May 16, 2023, to sell at ¢11.78 to one American greenback. It has since March 2023 recorded stability against the world’s most important currency.

The cedi is going for ¢14.90 and ¢12.97 respectively to the pound and euro respectively.