The Institute of Statistical, Social and Economic Research (ISSER) has called for stability of the Ghana cedi in the medium term, despite commending the authorities for the appreciation of the local currency, so far.
The cedi has appreciated by over 28% against the US dollar in the retail market since the beginning of the year.
In its 2024 State of Ghana Economic Report (SGER), the institute said the Bank of Ghana (BoG) interventions, Gold Board support, fiscal management and market sentiments have contributed significantly to the performance of the cedi.
“The cedi has performed creditably against all three major foreign currencies so far. This stability is likely to be maintained given the $385 million expected after a fifth ECF [Economic Credit Facility] review [by the International Monetary Fund], BoG interventions, Gold Board, fiscal management and sentiments”, it stated.
The local currency has performed so well this week against the major foreign currencies and is likely to end the week at GH¢12.10 to the US dollar at the forex bureaus. In the retail market.
On the interbank market, it is trading at GH¢10.90 to one American greenback.
Over the past two weeks, the Ghana cedi has posted one of its strongest performances in recent months.
This was supported by improved market sentiment and steady central bank interventions.
It appreciated to GH¢10.85 per US dollar (+9.68%), GH¢14.42 per pound (+10.00%), and GH¢12.61 per euro (+9.16%) on the interbank market.
Retail market activity reflected similar momentum, with the cedi advancing 6.53% against the US dollar to close at GH¢12.25 from GH¢13.05, 5.54% against the pound to GH¢16.25 from GH¢7.15, and 5.26% against the euro to GH¢14.25 from GH¢15.00.
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Source: myjoyonline.com
