Cedi strengthens again against dollar; $1 equals ¢13.40

The Ghana cedi strengthened once again by about 20 pesewas against the US dollar today November 1, 2022 to sell at ¢13.40 in the retail or forex market.

This is the 4th consecutive day in which the local currency has improved in value against the American currency.

The cedi sold for ¢13.60 to the dollar this morning.

Checks by Joy Business at the forex bureaus also indicate that the cedi strengthened against the pound and the euro.

It is going for ¢14.46 against the pound and ¢12.80 against the euro.

The recent strong value of the local currency may be due to the boost in the supply of dollars, coming from the first tranche of the cocoa syndicated loan ($790 million) and the likelihood of an International Monetary Fund deal before the end of December 2022.

Cedi gained 1.07%, 3.36% value against dollar, pound last week

The Ghana cedi gained 1.07% value against the US dollar on the retail market last week.

It also appreciated 3.36% week-on-week against the pound but lost 1.83% week-on-week against the euro.