Cedi appreciates as $1 now goes for ¢10.70

The Ghana cedi has in less than five hours today, December 14, 2022, gained 5.6% value against the US dollar, resulting in a cumulative gain of approximately 33.6% in the month of December alone.

$1 is now trading at an average rate of ¢10.70 with a market range spanning GH¢10.70 to GH¢11.28.

The cedi slumped by more than 54% against the dollar before December 2022.

However, it has strengthened by more than 33% since the beginning of December 2022 after Finance Minister, Ken Ofori-Atta, launched government’s domestic debt exchange programme, followed by the latest announcement of the International Monetary Fund’s staff-level agreement of a bailout package worth $3 billion.

The US Federal Reserve has also eased its monetary policy tightening as inflationary pressures reduce with a fear of recession in 2023.