{"id":1271289,"date":"2022-12-29T15:04:30","date_gmt":"2022-12-29T15:04:30","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/12\/29\/cedi-records-relative-stability-going-for-%c2%a211-50-to-a-dollar-in-retail-market\/"},"modified":"2022-12-29T15:04:30","modified_gmt":"2022-12-29T15:04:30","slug":"cedi-records-relative-stability-going-for-%c2%a211-50-to-a-dollar-in-retail-market","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/12\/29\/cedi-records-relative-stability-going-for-%c2%a211-50-to-a-dollar-in-retail-market\/","title":{"rendered":"Cedi records relative stability; going for \u00a211.50 to a dollar in retail market"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"td-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"455\" class=\"entry-thumb\" src=\"http:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/10\/cedi_800x523-696x455.jpg\"   alt=\"\" title=\"cedi_800x523\"\/><\/div>\n<p>The Ghana cedi has recorded relative stability to the dollar and all the other major currencies this yuletide period.<\/p>\n<p>The local currency is hovering around \u00a211.50 on average to the dollar in the retail or forex market. However, the Bank of Ghana is quoting the dollar at \u00a28.309 on the interbank market.<\/p>\n<p>Checks by Joy Business at some forex bureaus indicate that the dollar is being sold for \u00a211.50 on average, whilst the pound and the euro is going for \u00a212 and \u00a213.70 respectively to the local currency.<\/p>\n<p><!-- \/22191989129,1002554\/MGL\/mgl_ado_atunwa_300x250 --><\/p>\n<p>The relative stability of the cedi comes as a good omen for the economy as fuel prices are expected to go down for the next two weeks, beginning January 1, 2023.<\/p>\n<p>The local currency has witnessed immense volatility this year, losing about 27% in value year-to-date. At a point in time, it was the weakest currency on the African continent.<\/p>\n<p>There are mixed developments with respect to the expected performance of the cedi come next year.<\/p>\n<p>Whilst Fitch Solutions is predicting a stronger cedi in 2023 on the back of a programme from the International Monetary Fund, Economist Intelligence Unit is forecasting about 22% depreciation of the cedi to the American greenback in 2023.<\/p>\n<p><strong>Fitch Solutions predicts stronger cedi in 2023<\/strong><\/p>\n<p>International institution, Fitch Solutions, is predicting a stronger cedi against the major foreign currencies in 2023.<\/p>\n<p>According to its latest analysis of Ghana\u2019s 2023 Economic Outlook, it said the likely programme from the International Monetary Fund (IMF) signals to investors that the government is committed to fiscal consolidation that will turn around the country\u2019s economic predicament.<\/p>\n<p><strong>Cedi to depreciate by about 22% in 2023 \u2013 EIU<\/strong><\/p>\n<p>UK based Economist Intelligence Unit (EIU)is predicting about 22% depreciation of the cedi to the dollar in 2023.<\/p>\n<p>This will rank the local currency as the 3<sup>rd<\/sup>\u00a0weakest performing currency on the African continent, according to its Africa Outlook 2023 Report.<\/p>\n<p>            <!--  [embed]https:\/\/www.youtube.com\/watch?v=videoseries[\/embed]<!--\" frameborder=\"0\" allow=\"accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe>--><\/p>\n<div class=\"youtube-embed\" data-video_id=\"OZq1MXUHLWQ\"><iframe loading=\"lazy\" title=\"Hike in Prices: Passengers on Afram Plains ferry appeal for fare reduction  (29-12-22)\" width=\"696\" height=\"392\" src=\"https:\/\/www.youtube.com\/embed\/OZq1MXUHLWQ?feature=oembed&#038;enablejsapi=1\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Ghana cedi has recorded relative stability to the dollar and all the other major currencies this yuletide period. The local currency is hovering around \u00a211.50 on average to the dollar in the retail or forex market. However, the Bank of Ghana is quoting the dollar at \u00a28.309 on the interbank market. Checks by Joy [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1271290,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-1271289","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1271289","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1271289"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1271289\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1271289"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1271289"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1271289"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}