File photo of Ghana cedis notes
Ghana’s local currency has been projected to sell at GH¢12.40 to a dollar by the end of 2023.
This is according to international research firm, Fitch Solutions.
The projection makes the rate of depreciation lower than the 38% recorded last year.
Fitch Solutions added that “while short-term exchange rate volatility will persist, we believe that the cedi will stabilize once a formal creditors’ committee is formed and the IMF executive board approves Ghana’s programme.”
According to the firm, the positive trajectory can be attributed to the progress the country is making can be attributed to the status of its talks with the International Monetary Fund for support.
The $3 billion IMF support is expected to help Ghana’s balance of payments.
This year, the Ghana cedi has depreciated by about 14% to the dollar.
Currently, the cedi is selling at about GH¢12 to the dollar and being bought at GH¢11.50 at various forex bureaus.
It has also depreciated by about 21% in value to the dollar on the interbank forex market, to sell at ¢10.96.
In the previous, the cedi lost 1.03% week-on-week against the dollar, closing at a mid-rate of ¢12.10 to a dollar, and also experienced a loss of 1.34% against the pound and 0.96% against the euro.
SSD/FNOQ
