Cedi records marginal appreciation against dollar after weeks of sustained depreciation
March 20, 2019
The Ghana cedi has started recording some marginal appreciation against the dollar on the market.
Checks on the market show that on Thursday, March 14 the local currency did appreciate against the dollar by some 5 per cent to trade at around GH¢5.60 compared to about GH¢5.90 last Tuesday and Wednesday.
The local currency again went up marginally on Friday, March 15, 2019 closing at around GH¢5.56, based on JoyBusiness’ checks with some of the major banks in the forex business.
What has caused this sudden turn around for the cedi?
Based on JoyBusiness’ engagement with some treasurers and currency dealers and even persons close to the Bank of Ghana (BoG), the development has largely been influenced by the resumption of some injection of dollar cash by the BoG last week, which some market players describe as significant.