The Forex Bureau Association of Ghana is predicting further gains by the cedi in the coming days, following a financing assurance secured from Ghana’s externa creditors under the G-20 Common Framework to help restructure the country’s debt.
According to the association, already the local currency is witnessing some stability owing to the announcement that Ghana is close to securing a $3 billion Extended Credit Facility from the IMF.
Speaking to Joy Business, Vice President of the Forex Bureau Association of Ghana, Dr. Alex Akpabli said members of the association are hopeful a successful deal will shore up the value of the cedi.
“As we speak, most businesses are struggling and therefore if the funds come it will boost more confidence in our economy. I think it will be good news for all of us. We as bureau operators are only praying that the good thing happens”.
He added that Ghana’s economy will soon bounce back once the funds is credited to the Bank of Ghana’s account.
“Ghana’s economy will be sound and robust. Therefore if it happens, as we are all praying that we secure this $3 billion loan from the IMF, I think it will help businesses”.
The Ghana cedi is expected to record gains against the dollar and the other major foreign currencies this week, as the progress of the IMF deal favorably impacts the market.
The cedi gained further grounds on May 16, 2023 to sell at ¢11.78 to one American greenback. It has since March 2023 recorded stability against the world’s most important currency.
The same story can also be said about the pound and then euro. The cedi is going for ¢14.90 and ¢12.97 respectively to the pound and euro respectively.