Ghana’s national currency, the cedi has regained over 61 percent of its value against some major international currencies, particularly the United States dollar.
The report by the Graphic Online on Thursday said that the national currency had lost up to 54 percent of its value at the end of November this year, making it one of the worst performing national currencies in the world.
It noted that the battered cedi heavily impacted inflation rate and exacerbated the cost of living and drastically increased the operational costs of business across board.
According to the report, on Friday, December 16, 2022, the average interbank rates used by the commercial banks for transactions and published by the Bank of Ghana saw the local currency advertised at GH¢7.99 (buying) and GH¢8.0 (selling) for the US dollar.
It added that the buying and selling rate of one British pound was GH¢9.72 and GH¢9.73 respectively.
For the Euro, the buying and selling rates were GH¢8.48 and GH¢8.49 respectively.
However, the Bank of Ghana (BoG) attributed the cedis’ recent gains to a new set of monetary measures it has instituted.
The Director of Financial Markets at the BoG, Stephen Opata, explained that the cedi’s performance could be linked to the BoG’s decision to restrict foreign exchange support to some essential commodities such as petroleum products, as well as medical and pharmaceutical products.
According to him, the cedi’s gains could also be attributed to the prudent management of liquidity in the financial system.
GIK/APA