|
Getting your Trinity Audio player ready...
|
UK-based firm Fitch Solutions in a recent forecast has projected that the Ghana cedi would end 2023 at GH¢11.40 to the US dollar.
The cedi-dollar exchange rate has in the past couple of years generated much buzz across the financial space in Ghana, having experienced steady and dramatic fluctuations alike leading to significant impacts on individuals, businesses, and the economy.
Currently, the cedi is selling at GH¢11.65 and being bought at GH¢11.40 in the retail market.
The firm had earlier pegged their projection at GH¢12.40. This was before the government of Ghana took a $3 billion bailout from the International Monetary Fund (IMF) back in May this year, creating some stability in the cedi against other foreign currencies.
Fitch Solutions has also projected the local currency to sell at GH¢10.90 to a dollar come next year. This forecast is underpinned by anticipated inflows from the IMF package and a boost in the financial sector’s confidence.
“While short-term exchange rate volatility will persist, we believe that the cedi will stabilize once a formal creditors’ committee is formed and the IMF executive board approves Ghana’s program,” it stated earlier.
