The Ghana cedi’s recent gains have come to an end as the local currency has become less stable against the US dollar as of today, February 20, 2023.
Today, the cedi was trading at 12.90 to the “American dollar” in the forex bureaus.
As the cedi was being sold for respectively 15.20 and 13.60, the same narrative could be used to describe the pound and the euro.
On the interbank market, the Bank of Ghana is quoting the dollar at 10.80 cedis.
The cedi traded at 12.75 to one American dollar on February 17, 2023.
Previous to it, the cedi had improved in value against the dollar for two consecutive weeks.
By February 10, 2023, its value had increased by roughly 3.12%.
Some analysts believed that the Domestic Debt Exchange Program’s successful conclusion would have contributed to the currency’s increased stability.
However, the recent depreciation trend may soon be reversed thanks to the anticipated International Monetary Fund (IMF) bailout program in March 2023.