Cedi strengthens against the greenback; rises to GHS 13.7 per dollar

The local currency strengthened in value against the anchor currency almost a day after the government launched the Debt Exchange Programme.

The cedi also improved in value against the other major foreign currencies – pound and euro.

On the retail market, the dollar is being sold at GHS 13.70. It is also going for GHS 14 to the euro and GHS 16.70 to the pound.

Market watchers and analysts have attributed the appreciation of the cedi to the dollar to the announced Debt Exchange Programme as the government defined the parameters of the programme to pave way for a programme from the International Monetary Fund.

The local currency has remained relatively stable, particularly to the dollar in recent weeks.

It saw a week-on-week appreciation of 3.12% against the dollar, 0.88% to the pound and 3.79% versus the euro on the retail market.

It has however depreciated by some 56% against the dollar since the beginning of the year.

Source: norvanreports.com