Cedi strengthens in value against dollar; 1$ now ¢13.70

Cedis against dollar

The Ghanaian cedi strengthened against the dollar nearly a day after the government launched a debt swap program.
The local currency also appreciated against the other major currencies, the pound and the euro.
It is sold by exchange offices for an average of 13.70¢ for a US “greenback”. It’s also worth 14¢ for a euro and 16.70¢ for a pound

However, it is not clear why the cedi has appreciated against these major international currencies.
But some market observers and analysts may attribute it to the debt swap program as the government sets the parameters for the program to pave the way for an International Monetary Fund program. The local currency has remained relatively stable, especially against the dollar in recent weeks.
It experienced weekly price gains of 3.12% against the dollar, 0.88% against the pound and 3.79% against the euro in the retail market.
However, it has depreciated by just over 50% since the start of the year.


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