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Cedi strengthens for hours from GH¢14.0/$ to GH¢13.6/$ – Global Chief Economist

After the Bank of Ghana and the government of Ghana took some steps, the Ghana cedi has started to get stronger against the US dollar.

According to Charlie Robertson, the Global Chief Economist at Renaissance Capital, Ghana's local currency has got stronger over the past few hours, going from GH14.0 to the US dollar to GH13.6 on Monday, October 31, 2022.

As of October 31, the exchange rate for $1 is GH13.85

He did say, though, that the change might be because of what President Nana Addo Dankwa Akufo-Addo said in his address to the nation about the economy.

During his speech on Sunday, October 30, the president told investors, especially bondholders, that their investments would not be "shaved down" in any way.

The economist wrote on Twitter on October 31 that the measures that the president announced yesterday (a lot of import management) or the promise that bondholders won't have to take a haircut, or it could just be that the GHS needed a break from its collapse, "the economist wrote on October 31.

Checks by GhanaWeb Business show that as of October 31, 2022, the cedi sells for GH13.70 at some forex bureaus in Accra and for GH13.0156 on the interbank foreign exchange market.

Check his post through this link.

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Bank of Ghana Charlie Robertson Ghana Renaissance Capital US

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