The Ghana cedi continued to strengthen in value against the US dollar and all the other major foreign currencies as signs of a possible Staff-Level Agreement between the government and the International Monetary Fund by tomorrow, December 13, 2022, looms.
The local currency is trading this afternoon at ¢12.50 to the US dollar.
Prior to that, it was the best-performing currency in the world the entire last week, improving in value by about 8% to the American greenback.
Its year-to-date depreciation is presently 49% and still ranks it as one of worst-performing currencies in the world this year.
The local currency is also going for ¢12.90 and ¢15.60 to the euro and pound respectively
Meanwhile, the expected improvement in the value of the cedi will trigger a reduction in petroleum prices by Friday, December 16, 2022 and a decrease the in prices of goods and services.
According to Bloomberg, Ghana’s currency took the title of the world’s best performer against the dollar this week amid optimism the debt-distressed country is moving closer to unlocking an International Monetary Fund bailout.
It closed last week December 9, 2022, selling at ¢12.80 to a US dollar.