The Ghana cedi has continued its strong run against the US dollar and other major currencies, selling below the ¢11 mark on April 4, 2023.
As per checks conducted by Joy Business at various forex bureaus, the cedi is going for ¢10.80 to one US dollar, showing the cedi's increasing value against the dollar.
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The cedi has also shown improvement in value against the euro and the pound, selling at ¢12.14 to both currencies, respectively.
Despite the economic recovery from both external and internal shocks, analysts are optimistic about Cedi's strong performance this year, all things being equal.
The cedi saw a significant gain of more than 60 pesewas in value to the US dollar on April 3, 2023, trading at ¢11.50.
Last week, the cedi gained about 3% in value against the dollar, reducing its year-to-date loss to about 17%.
The cedi also saw gains of 1.18% and 1.95% week-on-week to the pound and the euro, respectively.
These gains are due to the Bank of Ghana‘s foreign exchange intervention and positive news about Ghana's ongoing debt restructuring.
To support Cedi's performance, the Central Bank provided $3 million on the spot market and allocated $20 million to the Bulk Oil Distribution Companies at a forward rate of ¢12.00 to $1.
Furthermore, Parliament approved a new tax bill aimed at generating $340 million in revenue to improve fiscal consolidation and secure the IMF program, including increased income and corporate taxes, as well as excise duties on cigarettes and beverages.
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