In the first month of 2023, the Ghana cedi lost significant ue against the US dollar, falling by 19.1%.
The cedi sold in the interbank market in January 2023 at a rate of 10.60 to one US dollar, up from 8.57 on December 31, 2022, according to the Bank of Ghana’s January 2023 Summary of Economic and Financial Data.
However, the Central Bank set a 30% cap on the cedi’s depreciation against the US dollar in 2022.
In January 2023, the ue of the local currencies for the pound and the euro fell by 21.4% and 20.7%, respectively.
After seeing some sustained stability for December 2022, the local currency began to experience significant pressure from the American currency in January 2023.
This came after Ghana and the International Monetary Fund established a staff-level agreement.
In January 2023, the cedi was the second-weakest currency among the top 15 currencies in Sub-Saharan Africa. It’s still there as of right now.
On the foreign exchange or retail market, it was sold for US$13.10 to the dollar, although its ue has subsequently significantly increased to US$12.90.
This week saw continued stability of the dollar and the principal foreign currencies.
Some observers have ascribed the cedi’s little increase to the program’s bartering of gold for oil, which has reduced the need for foreign exchange to fund the nation’s oil imports. 41,000 metric tonnes of oil, the first phase in the barter for gold, arrived last week.
Before this week, the local currency, which had lost 1.55% of its ue against the American dollar the previous week, traded at a mid-rate of 12.90.
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