According to Fitch, the Ghana cedi will end 2023 at $12.40 to the dollar.

The Ghana cedi is expected to depreciate less by the end of the year, according to research and market intelligence company Fitch Solutions.

The cedi has so far depreciated by about 14% to the US dollar in the retail market.

The Ghana cedi could trade at around $12.40 to the US dollar, up significantly from the 38% devaluation saw last year, according to Fitch.

The research and market intelligence company’s claim is predicated on the idea that Ghana will be able to secure an IMF-supported program by May 2023, which will go a long way toward protecting the cedi from pressures related to foreign exchange.

The IMF executive board has approved Ghana’s program, and while there will continue to be short-term exchange rate volatility, the IMF expects the cedi will stabilize once a formal creditors’ committee is established.

The Ghana cedi is currently worth around 14% less than the US dollar in the retail market, where it trades for around $12, while it has lost nearly 21% of its value in the interbank forex market, where it trades for about $10.95.

Although the Central Bank boosted its participation in the spot market over the past two weeks, the local currency has had a mixed performance on the markets.


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