The Ghana Cedi after several weeks of fluctuations has appreciated again, buying and selling at 10.7933 and 10.8041 respectively (Bank of Ghana)
This according to the Bank of Ghana Interbank forex rates as of February 6, 2023.
Ghana’s local currency (Ghanaian Cedi) has over the past couple of years has suffered depreciation against major currencies unleashing trade challenges on traders especially importers.
The government attributed the fast pace of depreciation in the first three quarters of 2022 to the post-Covid shocks and the Russia-Ukraine war.
Some forex bureaus in the capital Accra, are selling and buying the US Dollar at a rate of 12.70 12.64.
The Ghanaian Cedi is trading at a buying price of 12.9800 and a selling price of 12.9941 against the Pound Sterling.
Importers and traders of foreign products have expressed joy over the current appreciation of the Cedi, while others are skeptical of stable gains.
The World Bank had earlier predicted a stable economy attributed to the Extractive industry in Ghana and projects further growth in the economy and a strengthened Cedi.
some economists however opine that this will be short lived as Ghana struggles with debt restructuring to secure an IMF bailout.
