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Tue, 8 Oct 2024
Source: Joy Business
The Ghana cedi slightly recovered against major foreign currencies last week, gaining 0.09% against the US dollar, 0.35% against the pound, and 0.28% against the euro.
This follows Ghana's successful Eurobond debt restructuring and a Staff Level Agreement with the IMF on the Extended Credit Facility.
Currently, the cedi is trading at GH¢16.22/$, with a year-to-date depreciation of 22%.
Analysts expect further improvements as Ghana anticipates $360 million in IMF financing, which should bolster foreign exchange reserves and strengthen the currency in the near term.
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Source: Joy Business