Cedi Gains 8% Appreciation

The local currency

THE CEDI has gained about eight percent appreciation on the trading market in the last few weeks,   analysts have confirmed.

The local currency started the year selling at about GH¢6 per dollar, but ended March selling at GH¢7.12 per dollar, representing a depreciation of about 17 percent in the first three months of this year.

Although the cedi is currently selling at GH¢7.11 on the interbank market, stakeholders say this marks an appreciation of the currency in the last couple of weeks.

Figures on the retail market also give stronger evidence for the appreciation of the local currency.

Prior to Finance Minister Ken Ofori-Atta’s hinting that the government was going to pump in some $2 billion to shore up the cedi’s strength, the local currency was witnessing about 30 percent depreciation against the Green back, selling at GH¢8.50 compared to GH¢6.50 in the early parts of this year.

However, the local currency is now selling at GH¢7.50.

The government’s announcement to inject $2 billion into the economy to strengthen the Ghana cedi against the foreign trading currencies, the dollar precisely, has succeeded in strengthening the cedi.

According to Bloomberg, in its latest report, the Ghana cedi depreciated by 18.21 percent in the first quarter of this year.