Cedi strengthens against dollar this week, $1 now GH¢12.60

The Ghana cedi has gained some stability against the dollar this week. At Afriswap forex bureau, the dollar sold at below GH¢14 and a buying price of GH¢13.

As of December 10, 2022, the dollar is selling at GH¢12.60. This has been attributed to the announcement of a debt restructuring programme by the government.

The dollar has also experienced some weakening in recent times and that can also be attributed to the cedi's strength lately.

The British Pound is being bought at GH¢15.00 and selling at GH¢16.30 while the Euro is being bought at GH¢12.80 and GH¢13.70.

The government announced that Ghana's debts have reached unsustainable levels therefore the need to restructure.

The Finance Minister said that Ghana's debt has exceeded 100% of GDP. He stated that the government is inviting domestic bondholders to voluntarily swap their existing bonds for new ones with new maturity dates.

This announcement has led to a further downgrade of Ghana's credit ratings as it implies that Ghana is at a high risk of default.

SSD/BOG