The Forex Bureau Association of Ghana is optimistic about further gains for the cedi in the coming days following the financing assurance obtained from Ghana’s external creditors through the G-20 Common Framework to restructure the country’s debt.
The association highlights that the local currency has already experienced some stability due to the news of Ghana’s close proximity to securing a $3 billion Extended Credit Facility from the IMF.
Dr. Alex Akpabli, Vice President of the Forex Bureau Association of Ghana, expressed hope that a successful deal would strengthen the value of the cedi and boost confidence in the economy.
He believes that once the funds are credited to the Bank of Ghana’s account, the country’s economy will recover and businesses will benefit.
The Ghana cedi is expected to see gains against the US dollar and other major foreign currencies this week, driven by the positive impact of progress in the IMF deal on the market.
The cedi has displayed stability against the US dollar since March 2023, with a current exchange rate of ¢11.78 to one US dollar. Similarly, the cedi is trading at ¢14.90 against the pound and ¢12.97 against the euro.