In comparison to the US dollar and all other major foreign currencies, the Ghanaian cedi has maintained its upward trend. The cedi has been recovering against all the main trading currencies during the past two weeks and is now trading for GHS8 to 1 dollar.
The Pound and euro are also selling at GHS9.80 and GHS8.50 respectively to the cedi, according to official interbank exchange rates released by Ghana’s central bank, the Bank of Ghana on Friday, December 16, 2022.
The cedi gains reflect a weakening US dollar and some improved outlooks for the cedi-US dollar supply balance into the next year. It is unknown what caused the local currency to suddenly improve, but some market analysts are attributing it to a decline in the value of the US dollar relative to other major currencies, the successful launch of a program to restructure debt, and the staff-level agreement the government has reached with the International Monetary Fund (IMF).
A Call To Reduce Prices
Following this, the Ghana Union of Traders Association (GUTA) urged its members to lower the cost of their items. The organization stresses the necessity for traders to recent currency gains by lowering the cost of their wares over the holiday season.
Some Praise For The Government
Some Ghanaians have expressed joy and praised the government over the current performance of the cedi. Others have also demonstrated doubt and uncertainty about the drastic improvement of the cedi against the dollar. Could there be something that the government is failing to tell us?
Nonetheless, it is a good thing that the cedi is performing better than it has been doing over the past months. When traders lower their prices, Ghanaians will be able to purchase more goods and services without much financial burden. We also expect that the cedi will continue to appreciate into the coming year 2023.
Priscilla Fumadorh
Priscilla is an entrepreneur and a creative communicator who loves to communicate through writing. She is passionate about national economic issues and does not miss a chance to offer her opinions on them for the good of the country.
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