Ghana Cedi Maintains Steady Rise Against US Dollar, Gaining 0.81%.

According to a recent report from Joy Business, the Ghana cedi has shown a consistent increase in value against the US dollar, despite reduced foreign exchange intervention by the Bank of Ghana. Last week, the cedi rose by 2.31% against the dollar, with the regulator selling only $5 million on the spot market and withholding its bi-weekly FX auctions. As of February 10, 2023, the cedi closed at an indicative rate of ¢10.80 to one US dollar on the interbank market, and gained 0.81% to the dollar to close at a mid-rate of ¢12.35/US$ on the retail market. On the retail market, the cedi also appreciated by 2.35% against the pound and 0.38% to the euro, indicating that Ghana may achieve a successful Debt Exchange Programme, boosting market confidence and positively impacting the cedi’s outlook. This development could pave the way for an International Monetary Fund programme by the end of the first quarter of 2023, as per some analysts’ claims