Cedi strengthens further as it goes for ¢8 to $1

The trend of the Ghanaian shilling strengthening against the US dollar and all other significant foreign currencies has maintained.

In the past two weeks, the cedi has been strengthening against all of the main trade currencies.

The current exchange rate for the local currency is eight to one dollar.

The cedi is strengthening even more, trading for $8 to $1 for the pound and $8.50 to $1 for the euro.

This is in accordance with the central bank’s official interbank exchange rates, which were released on Friday, December 16.

The cedi’s recent gains are largely a result of the US dollar’s recent decline and an improved expectation for the cedi-US dollar supply balance going into 2019.

It is unclear what caused the local currency to suddenly improve, but some market analysts are attributing it to the US dollar’s decline against other currencies, the program for renegotiating debt that was successfully launched, and the Staff-Level Agreement the government reached with the International Monetary Fund.

The Ghana Union of Traders Association has since requested that its members lower the cost of their products.

The organisation stresses the need for merchants to pass along recent currency gains by lowering the cost of their items over the holiday season.

Cedi strengthens further as it goes for ¢8 to $1

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