The Ghana Cedi has continued its bullish run against major international currencies with a massive gain in value, sending the US Dollar tumbling with a current exchange rate of $1 to GH¢7.9, according to the Bank of Ghana (BoG).
In the last two weeks, the cedi has been on a path of upsurge against all the major trading currencies.
The Pound and Euro are trading at ¢9.80 and ¢8.50, respectively, to the Ghana Cedi.
This is per official interbank exchange rates published by the central bank on Friday, December 16.
Market analysts attribute the performance of the Ghana Cedi to the weakening of the US dollar against other global currencies, the successful launch of a government’s debt restructuring programme and the Staff-Level Agreement the government has reached with the International Monetary Fund (IMF).
Furthermore, the Director of Research at the Bank of Ghana (BoG), Dr Philip Abradu-Otoo, has accorded the recent resurgence to several measures put in place by the central bank, the government, as well as the recently announced International Monetary Fund (IMF) staff-level agreement on the three-year extended credit facility.
Per this development, the Ghana Union of Traders Association (GUTA) has appealed to its members to reduce the prices of their goods.
According to the association, traders need to transfer the recent gains in the local currency through a reduction in the prices of their goods during the yuletide.
Super and accurate report. Exciting performance by the cedi. Hope it’s sustainable.