The cedi is no more the worst-performing currency among top-performing currencies in Africa, according to several reports.
The Ghana cedi continues to gain strength against the US dollar and the euro.
Checks at some forex bureaus indicate that the cedi is going for GHc8 to the dollar as of Monday, 19th December, 2022
President Akufo-Addo has attributed “the strengthening of the cedi” to “cedi liquidity tightening measures, resulting in the offloading of forex, as a store of value, by speculators; the improvement of forex flows from remittances and the mining sector; and the reaching of a staff level agreement with the IMF for a US$3 billion package.”
Spokesperson to Vice President Dr. Mahamudu Bawumia, Dr. Gideon Boako speaking to this, hinted that the dollar will drop further if government is able to go through with its gold-for-oil policy and complete the board approval of the IMF loan.
“I can confidently say that once government has reached the staff level agreement, the next thing is the board approval; once the board approval comes, the news and the impact of that will affect the currency and so there’s a likelihood that the dollar will drop further . . . there’s a huge expectation that between now and January to March, the dollar will fall again so if you’re a smart trader, you wouldn’t want to keep dollars for anything . . . “ he stated on Peace FM’s morning show ‘Kokrokoo’.
Listen to him as he reveals other factors that led to the appreciation of the cedi
Source: Peacefmonline.com