Cedi continues strong performance; $1 now ¢10.80

The Ghana cedi continued its strong run against the US dollar today, April 4, 2023, as it sold below ¢11.

Checks by Joy Business at the forex bureaus indicate that the cedi is going for ¢10.80 to one American greenback.

The cedi also improved in value against the euro and the pound selling at ¢12.14 respectively.

Despite the economic recovery from both external and internal shocks, analysts are hopeful of a strong performance of the cedi this year all things being equal.

The cedi gained more than 60 pesewas in value to the US dollar on April 3, 2023 to ¢11.50.

Last week, the cedi also gained about 3% in value against the dollar, narrowing its year-to-date loss to about 17%.

The cedi also gained 1.18% and 1.95% week-on-week to the pound and the euro respectively.

This was due to the Bank of Ghana’s foreign exchange intervention and positive news about the progress of Ghana’s ongoing debt restructuring.

The Central Bank provided $3 million on the spot market and allocated $20 million to the Bulk Oil Distribution Companies at a ¢12.00/$1 forward rate.

Parliament also approved a new tax bill aimed at raising $340 million in revenue, with the bid to improve fiscal consolidation and secure the IMF programme. The new tax bill includes increased income, corporate taxes, and excise duties on cigarettes and beverages.                                                                                                                Source: Joy Business