The Ghanaian Cedi has again appreciated, now selling at Ghc 12.94 to $ 1.00 after several months of poor performance against the US Dollar and major currencies.
The US Dollar was selling at Ghc 12.9014 as of Thursday, December 8 (Bank of Ghana Interbank Rates).
The Dollar is however selling at Ghc 12.9419 to a $ 1.00 as of December 9 (Mid-market rate)
Most forex bureaus in Accra are selling $ 1.00 at Ghc 12.96 and buying $ 1.00 at Ghc 12.77.
This has brought a great sigh of relief to importers as the holiday season approaches, and some Ghanaians have called this sudden appreciation of the Ghanaian Cedi as a miracle in this trying economic times.
Some people have explained that this trend may not last as speculations keep mounting following launch of the Ghana Domestic Exchange Programme by the Finance Minister.
The launch of the Ghana Domestic Exchange programme has been met with stern opposition from groups and key stakeholders signaling rejection.
The Cedi’s performance has been very poor against major currencies compelling the central bank to take stringent measures to curtail its continuous decline.
Some measures included the clampdown of black market traders of foreign currencies in the capital, the closure of certain forex bureaus and the pegging of the dollar to the Cedi by the central bank.
Businesses and individuals are expecting this trend to continue to augment government’s efforts in arresting the dollar.
This according to many will restore confidence in the forex market and ultimately lead to decreased prices of commodities as the country is highly dependent on imports
