The growth of the Ghana cedi continues unabated following the announcement by the International Monetary Fund that a Staff-Level Agreement has been reached with the Government of Ghana.
The local currency is presently selling just below ¢12 to one US dollar this morning [December 13, 2022] and the rate may even get better before the end of the day.
The cedi also strengthened in value against the pound and the euro. It is presently trading at ¢15.10 and ¢12.50 respectively to the other two major foreign currencies.
Before the expected announcement of the IMF Staff-Level agreement, the local currency had been improving in value against the dollar and the other major foreign currencies.
Investor confidence in the foreign exchange market had soared supporting the cedi’s rally against the US dollar and the other major foreign currencies.
This trend many analysts believe will continue because of expected foreign inflows in the coming months.
A similar situation occurred in Zambia where the kwacha strengthened in value against the dollar, following an announcement of an IMF programme in August 2022.
The kwacha then went ahead to become the best performing currency in Africa so far this year, appreciating in value by 0.40% against the US dollar.
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