The new gains by the Ghana cedi has come to a halt as local currency lost some stability to the US dollar today February 20, 2023.
At the forex bureaus today, the cedi was going for ¢12.90 to one American 'greenback'.
A similar story could also be told about the pound and the euro, as the cedi was being sold for ¢15.20 and ¢13.60 repectively.
In any case, the Bank of Ghana is citing a dollar at ¢10.80 on the interbank market.
On Friday, February 17, 2023, the cedi exchanged at ¢12.75 to one American currency.
Before that, the cedi had for a two weeks running recorded improvement in value to the dollar.
It had gained about 3.12% in value ending February 10, 2023 to the world's most powerful currency.
A few experts were guessing that a successful closure of the Domestic Debt Exchange Programme will have worked on the stability of the currency.
However, with the expected international Monetary Fund (IMF) support programme in March 2023, the new depreciation pattern may soon be switched.