The Ghanaian Cedi records marginal growth against the US Dollar after weeks of continuous fall

After several weeks of incessant fall, the cedi has been able to rise a little above its initial GH¢5.90 against one dollar on the market.

Checks have revealed that from Thursday, March 14, 2019, till date, the cedi did appreciate against the dollar by some 5 per cent. This means that the cedi is sold at around GH¢5.60 compared to about GH¢5.90 last Tuesday and Wednesday.

The local currency again went up marginally on Friday, March 15, 2019 closing at around GH¢5.56

Meanwhile, Economist and consultant Dr John Kwakye says that Ghana’s planned exit from the International Monetary Fund (IMF) programme next month has created the uncertainties among some investors, contributing to the fall of the Ghana Cedi against the dollar.

According to him, some investors who are willing to bring their funds into the country are uncertain of how events will turn out in the country after an Extended Credit Facility programme with the IMF ends in April.

The Finance Ministry has, however, told Ghanaians and investor to boycott the claims that the cedi depreciation against some foreign currency is due to the fact that Ghana is exiting from the IMF programme.

The minister who spoke recently while launching a Eurobond assured the country that the cedi will begin to appreciate against the major currencies within the next two weeks.

He said, “today as we speak, we launched our Eurobond, which would officially be close to $3 billion, helping us regain the strength of the cedi.”