Cedi appreciation met with mixed reactions on social media

Since last week, the Ghana cedi has seen some significant rise against major foreign currencies, especially the dollar.

This means that the Ghana cedi has gained some stability against the dollar. At most forex bureaus, the dollar is currently being bought at GH¢11.10 and sold at GH¢10 for $1 as of December 14, 2022.

The dollar has also experienced some weakening in recent times with some reports attributing it to the cedi's strength lately.

The British Pound is being bought at GH¢13.50 and selling at GH¢14.50 while the Euro is being bought at GH¢11.30 and GH¢12.20.

This has generated volumes of interactions on social media. While some users are of the view that it is a nine-day wonder, others have applauded the government for the turnout of events.

Some users however want the appreciation to affect the prices of goods and services since those are the main drivers of inflation.

Below are some of the reactions:

Okatatkyie Afrifa on Facebook said "ECONOMICS IS NOT JUJU.

If you ask them what they have done to appreciate the DOLLAR, they can't even tell. Who doesn't know the CEDI is appreciating to the DOLLAR because there is no heavy demand on the dollar? After all traders have brought in Christmas goods already. Is it NOT true that people who came for Christmas have brought a lot of Dollars into the system?

Yes it is true the CEDI is doing well but it is also true that the managers themselves are even shocked at the overnight appreciation.

We should stop celebrating MEDIOCRITY as a people!!! #YP."

Question of the day: Are you impressed with the recent appreciation of the Cedi against the US dollar? pic.twitter.com/dE4rbIwQfi

— GhanaWeb (@TheGhanaWeb) December 14, 2022

All these are mild reasons. The very reason is because BOG now is the main middle man for Gold Export in the country so they have Dollar inflow of about $30m every week. But in the past two weeks, they surpassed their target and accumulated about $120m. https://t.co/WKtk3iln85

— KOJO FOREX (@KojoForex) December 13, 2022

A dollar now sells for $1 to GHS 9 this afternoon ???????????????????????????????? pic.twitter.com/yr3zf6FhdE

— Gen. Buhari (@Gen_Buhari_) December 13, 2022

Yes pls! A surge we’ve never witnessed since 1957, we pray it continues this way. Ghana is bouncing back

— Gen. Buhari (@Gen_Buhari_) December 14, 2022

I really Should have waited before making these payments ???????? just a day after nooor dollar drop ????

— ???????????????????? ???????? ???????????? ???????????????? (@Mzdelah) December 13, 2022

1 Dollar = 9 cedis

Game boys go vex waaa????????

— ADOFO ASA (@_adofoasa__) December 13, 2022

A dollar now sells for $1 to GHS 9. Fuel prices to drop below GHS 10. Sika mp3 Dede.

— yaw abban. (@YAbbanx) December 13, 2022

Go and change ur dollar jare, the cedis is appreciating with full speed.

$1 now selling at 9 cedis#Sikamp3dede pic.twitter.com/tseyUN714k

— I'm Godfred (@NanaKwame_off) December 13, 2022