The Ghana cedi has in less than five hours today, December 14, 2022, gained 5.6% value against the US dollar, resulting in a cumulative gain of approximately 33.6% in the month of December alone.
$1 is now trading at an average rate of ¢10.70 with a market range spanning GH¢10.70 to GH¢11.28.
This put the cedi as the strongest performing currency against the American ‘greenback’ in December 2022.
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The cedi slumped by more than 54% against the dollar before December 2022.
However, it has strengthened by more than 33% since the beginning of December 2022 after Finance Minister, Ken Ofori-Atta, launched government’s domestic debt exchange programme, followed by the latest announcement of the International Monetary Fund’s staff-level agreement of a bailout package worth $3 billion.
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The US Federal Reserve has also eased its monetary policy tightening as inflationary pressures reduce with a fear of recession in 2023.
