Ghana cedi appreciates 3.8 % (equivalent 31 pesewas) against the US dollar, here’s the current price of the cedi to one dollar

The Ghana cedi has gained almost 31 pesewas to the US dollar since the beginning of this year.

Bank of Ghana report predicts more cedi depreciation as depositors switch to open foreign currency accounts

The amount is equivalent to about 3.8% appreciation.

Currently, the currency is selling at GH¢5.44 to a dollar at the forex bureau.

The impressive performance of the cedi is expected to continue until at least the end of the first quarter of this year.

On the interbank forex market, the cedi is going for GHS5.36 to one US dollar.

“Overall the cedi appears to be on favourable grounds for at least the first quarter of the year”, some analysts asserted.

The local currency appears to benefit from market developments including the Bi-weekly Forex Forward Auctions which has improved sentiments on the market.

The Bank of Ghana’s spot market forex sales has contributed to calm the spot market trading which hitherto was under huge demand.

Databank Research had projected a decline of 8.60% ± 1.50% in value to the US dollar by the end of 2020. This will be obviously lower than the 12.9% depreciation to the American currency in 2019.

Per the projections, the cedi will hover around GHS6.05 ± GH¢0.10 by 31 December 2020.

Trading Economics had also projected that the cedi will inch up to GHS5.80 to a dollar at the end quarter one 2020 and then move to GH¢5.90 in the second quarter of 2020. It will subsequently surge to GH¢6.01 in quarter three and GH¢6.11 in quarter four.

Meanwhile, you will need GHS5.44 pesewas to buy a US dollar at the forex bureau as against GHS5.75 pesewas at the end of last year.

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