GOOD NEWS: Cedi will have a variable performance this week

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Cedi will have a variable performance this week

This week, the Ghana cedi is anticipated to have a mixed performance as the market awaits the outcome of Ghana’s external debt restructuring with its bilateral creditors.

A partial creditor committee has been established by the Paris Club of International Creditors to start restructuring discussions with Ghana. As a result, a large number of analysts and market observers will be paying close attention to how the conversations proceed.

Any choice made is anticipated to affect the cedi’s value moving forward.

Following advancements in Ghana’s negotiations with its bilateral creditors, the cedi rose last week relative to other major trading currencies on the foreign exchange market.

In the retail market, it increased 10.27% week over week to settle at a mid-rate of 10.95 to one US dollar on Thursday, April 6, 2023. Moreover, it saw increases of 6.86% and 7.98% week over week against the pound and the euro, respectively.

This, however, was only temporary, as the local currency yesterday, April 11, 2023, lost ground versus the dollar, the pound, and the euro.

On April 11, 2023, the cedi was exchanged for the US dollar at a rate of 11.30.

After two weeks of steady value growth, this happened.

Recently, the Ghanaian cedi has been competing against the dollar on the global market. The Ghanaian government has done everything within its power to allow this to happen, but it appears that the dollar will continue to outperform the cedi.

This caused Ghanaians to compare the NDC government and the now ruling NPP in conversation.

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