According to Fitch Solutions, the Ghana cedi will end 2023 at a rate of ¢12.40 to one US dollar.
In its latest analysis, Fitch described the prediction as a significant improvement from the 38% depreciation recorded last year.
It said this positive trend is likely to be attributed to Ghana securing an International Monetary Fund-support programme by May 2023, which will help cushion the cedi against foreign exchange pressures.
Fitch Solutions stated that the cedi would eventually stabilize once a formal creditors’ committee is formed and the IMF executive board approves Ghana’s programme despite the short-term exchange rate volatility.
In the retail market, the Ghana cedi has lost approximately 14% of its value against the US dollar.
It is currently selling for around $12, having depreciated by about 21% in value to the American dollar on the interbank forex market, where it is currently selling for around $10.95.
By: Rainbowradioonline.com/Ghana
