The Ghana cedi is expected to strengthen by roughly 1.0% to the US dollar in 2024, Fitch Solutions has disclosed in its latest Country Risk on Ghana.
This will make it one of the best-performing currencies in Africa during the period.
According to the UK-based firm, the government will make progress regarding the restructuring of Ghana’s external debt under the G20 Common Framework by the second quarter of 2024.
This it says will boost investor sentiment towards Ghanaian assets, drive capital inflows, and provide support to the cedi.
“We forecast that the exchange rate will strengthen by roughly 1% in 2024 as we believe that the authorities will make progress regarding the restructuring of Ghana’s external debt under the G20 Common Framework”.
“Indeed, we anticipate that a deal will be reached around quarter 2 2024-quarter 3 2024, which will improve investor sentiment towards Ghanaian assets, drive capital inflows and provide support to the cedi.

Last week, the cedi shed some marginal value against the US dollar, following increased domestic demand and the strengthening of the US dollar globally.
However, the timely announcement by the International Monetary Fund Mission Team to Ghana of a staff-level agreement reached with the government would boost investor confidence and strengthen the country’s balance of payment going forward The deal will culminate in another $600 million inflows.
The local currency is expected to end 2023 at a depreciation of 11.50% to the American greenback on the retail market.
This will be far lower than the about 40% depreciation it recorded in 2023.
Latest Stories
-
APL claims vindication following IMF’s revelation of BoG’s $1.4bn forex support
7 seconds -
Inexperienced Scholarship Boss has ruined Ghana’s goodwill with foreign schools – Kofi Ofosu Nkansah
1 minute -
Essikado MP cautions: Environments that silence dissent kill growth
7 minutes -
REM youth conference expands to Ghana, strengthens Ghana-Korea ties
25 minutes -
Can the Elephant dance again?
28 minutes -
Ekumfi MP leads road inspection to boost local development
31 minutes -
NPP Delegates Conference to proceed despite petition – Osei-Owusu
34 minutes -
Krobo youth group to stage protest over abandoned Somanya–Kpong road project
36 minutes -
Mahama demands reparation for slave trade
39 minutes -
Forex market intervention for 2025 Q1 has not depleted our reserves – BoG
49 minutes -
NPP bigwigs revolt over top-down flagbearer election plan
50 minutes -
NDC yet to decide on contesting Akwatia by-election – Mustapha Gbande
56 minutes -
We’ll win Akwatia by-election – Mustapha Gbande
59 minutes -
Mahama scraps fuel allowances for all political appointees
1 hour -
South Sudan joins African Paralympic family as IPC grants provisional membership
1 hour