Nearly a day after the government’s Debt Exchange Program start, the Ghana cedi appreciated versus the dollar.
The value of the local currency increased in comparison to the pound and the euro, two other significant international currencies.
The average price at which forex bureaus are selling it to the American “greenback” is ¢13.70. Additionally, it is being sold for 14 euros and ¢16.70 pounds.
However, it is unclear why the cedi rose in value in comparison to these significant world currencies.
But given that the government set the program’s limits to make room for a program from the International Monetary Fund, some market observers and experts may ascribe it to the Debt Exchange Programme.
Particularly in recent weeks, the local currency had been comparatively stable against the dollar.
On the retail market, it increased by 3.12% against the dollar, 0.88% against the pound, and 3.79% against the euro week over week.
However, since the start of the year, it has declined by little over 50%.
Source: newsthemegh.com