Cedi gained 3.11% in value against dollar last week

Cedi gained 3.11% in value against dollar last week Featured

The Ghana cedi gained 3.11% to the US dollar last week to narrow its year-to-date losses on the forex or retail market 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. Analysts believe the progress made by the Ghana government with the Chinese government talks, together with the approval of the tax bills, will help the country restructure part of its $47 billion external debt and secure the IMF Board Level Agreement early this quarter. This they believe will help boost the value of the cedi against the dollar and the other major foreign currencies. Cedi starts week on strong note; $1 now ¢11.50 The Ghana cedi started this week on another strong note against the US dollar. Checks by Joy Business at some forex bureaus indicate that the local currency gained more than 60 pesewas in value to the US dollar this morning, April 3, 2023. The same story could also be said about the pound as it improved in value against the British currency to trade at ¢14.40. source: myjoyonline.com000
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