The Ghana cedi strengthened in value against the dollar almost a day after the government launched the Debt Exchange Programme.
The local currency also improved in value against the other major foreign currencies, the pound and the euro.
It is being sold by forex bureaus at an average of ¢13.70 to the American ‘greenback’. It is also going for ¢14 to the euro and ¢16.70 to the pound
It is, however, unclear why the cedi gained value against these major international currencies.
But some market watchers and analysts may attribute it to the Debt Exchange Programme as the government defined the parameters of the programme to pave way for a programme from the International Monetary Fund.
The local currency had remained relatively stable, particularly to the dollar in recent weeks.
It saw a week-on-week appreciation of 3.12% against the dollar, 0.88% to the pound and 3.79% versus the euro on the retail market.
It has however depreciated by a little over 50% since the beginning of the year.
Latest Stories
-
Real Madrid beat Sevilla to keep pressure on leaders Atletico
18 minutes -
Liverpool put six past Spurs to go four points clear
19 minutes -
Manchester United lose 3-0 at home to Bournemouth yet again
23 minutes -
CHAN 2024Q: ‘It’s still an open game’ – Didi on Ghana’s draw with Nigeria
31 minutes -
CHAN 2024Q: Ghana’s Black Galaxies held by Nigeria in first-leg tie
1 hour -
Dr Nduom hopeful defunct GN bank will be restored under Mahama administration
2 hours -
Bridget Bonnie celebrates NDC Victory, champions hope for women and youth
2 hours -
Shamima Muslim urges youth to lead Ghana’s renewal at 18Plus4NDC anniversary
3 hours -
Akufo-Addo condemns post-election violence, blames NDC
3 hours -
DAMC, Free Food Company, to distribute 10,000 packs of food to street kids
5 hours -
Kwame Boafo Akuffo: Court ruling on re-collation flawed
5 hours -
Samuel Yaw Adusei: The strategist behind NDC’s electoral security in Ashanti region
5 hours -
I’m confident posterity will judge my performance well – Akufo-Addo
5 hours -
Syria’s minorities seek security as country charts new future
6 hours -
Prof. Nana Aba Appiah Amfo re-appointed as Vice-Chancellor of the University of Ghana
6 hours