$1 is now worth 10.40 Ghana Cedis.
In relation to the US dollar, the Ghana cedi started the week stronger than it has lately.
The peso grew by 10 pesos early on February 6, 2023, to trade for 10.40 pesos to the dollar, according to checks made by Joy Business at the foreign exchange bureaus.
As a result, its retail market loss for the year as a whole decreased. The same story holds true for pounds and euros, where the cedi is presently selling for 14.80 and 13.50, respectively.
The value of the cedi relative to the American “greenback” rose by about 3.1% last week. Its value increased during the previous week by about 0.78%.
The local currency’s quick turnaround in performance has surprised many market watchers and economists, especially given that the country’s reserves have drastically shrunk to only 2.7 months of import coverage while the government works to revive the fiscal economy.
However, the recent recovery of the cedi may be a sign that investors are optimistic about the approaching IMF bailout proposal.
According to Bloomberg, the value of the local currency relative to the US dollar decreased by around 38.8% in 2022.