Fitch expects the cedi to end 2023 at ¢12.40 to a dollar

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According to Fitch Solutions, the Ghana cedi is anticipated to end 2023 at 12.40 to the US dollar.

Because of this, depreciation will occur at a pace that is much lower than the 38% observed last year.

The research and market intelligence company’s claim is predicated on the idea that Ghana will be able to secure an IMF-supported program by May 2023, which will go a long way toward protecting the cedi from pressures related to foreign exchange.

The IMF executive board has approved Ghana’s program, and while there will continue to be short-term exchange rate volatility, the IMF expects the cedi will stabilize once a formal creditors’ committee is established.

The cedi currently trades at 12 to the US dollar, having lost around 14% of its value thus far.

However, on the interbank foreign exchange market, it is now worth roughly 10.95 compared to the American dollar, down about 21%.

Although the Central Bank boosted its participation in the spot market over the past two weeks, the local currency has had a mixed performance on the markets.

This is because of increased demand for foreign currency brought on by market uncertainties.

Source: Ghanatodayonline.com

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