Demand for dollar has resurfaced as one dollar is now selling at ¢12 today April 14, 2023, in the retail or forex market.
The local currency begun losing value right after the Easter holidays despite gaining over 10 percentage points in value to the American greenback last week.
This was after a two-week sustained improvement in value against the dollar and the other major foreign currencies.
The local currency sold at ¢10.95 to one US dollar on Thursday, April 6, 2023 before the Easter holidays, but has since lost about ¢1.05 in value to the American greenback.
The same story could also be said about the pound and the euro as they are now going for ¢14.60 and ¢13 respectively at the forex bureau.
Some analysts had forecast that the cedi will record a mixed performance this week as the market awaits a decision of Ghana’s external debt restructuring with its bilateral creditors.
However, it is the hope that the cedi will bounce back strongly, following the progress made by the government with its bilateral creditors on the external debt restructuring and other conditions that will help in securing an International Monetary Fund support programme.
Fitch Solutions had warned in its latest Sub-Saharan Africa Macroeconomic update that a weak cedi will erode the purchasing power and curb consumer spending.