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Cedi continues to rise recently; 1$ is currently 9.2

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Cedi continues to rise recently; 1$ is currently 9.2
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Cedi continues to rise recently; 1$ is currently 9.2

Today, December 19, 2022, the Ghana cedi continues to strengthen against both the US dollar and the euro, adding to its previous gains against these two currencies.

 

This comes after the previous week when it had its best performance versus the American dollar and other major foreign currencies.

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Cedi continues to rise recently; 1$ is currently 9.2

Cedi continues to rise recently; 1$ is currently 9.2

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According to checks conducted by Joy Business at a few different currency bureaus, the current rate of the cedi against the dollar is 9.20.

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In addition, one cedi was equivalent to 9.30 pesewas in terms of the euro, but one cedi was equivalent to 1.80 pounds on Friday the 16th of December 2022.

 

As a result of the recent advances made by the regional currency, its loss for the year to date has been reduced to 24.9%, from a high of 54% to the US dollar which was recorded almost three weeks ago.

 

As of right now, the cedi is not the currency in Africa that has performed the poorest relative to other currencies that have done well. Instead, the Egyptian pound has the lowest performance of all of the major currencies used in Africa, which makes it the continent’s weakest currency.

Cedi continues to rise recently; 1$ is currently 9.2

Cedi continues to rise recently; 1$ is currently 9.2

“markets are waiting for evidence of a fundamental change, and investors are more frightened of losing out because declines following a high tend to be rapid and sharp,” said the 2023 forecast published by Goldman Sachs.

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A great number of experts have expressed concern that the recent exceptional performance of the cedi may not be supported by its fundamentals.

 

Rather, this is sole because of the staff-level agreement that was negotiated between the Government of Ghana and the International Monetary Fund.

 

In order to maintain the performance of the cedi, they want the government to make sure that an IMF plan is finished by the first quarter of 2023.

 

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