Cedi strengthens for hours from GH¢14.0/$ to GH¢13.6/$ - Global Chief Economist

According to Global Chief Economist at Renaissance Capital, Charlie Robertson, Ghana’s local currency per his estimations has strengthened for hours from GH¢14.0 to the US dollar to GH¢13.6 to the US dollar on Monday, October 31, 2022.

He however suggested that the development could be attributed to measures announced by President Nana Addo Dankwa Akufo-Addo in his address to the nation on the economy.

The president during his speech on Sunday, October 30 assured investors, particularly bondholders that will be no “no haircuts” on their investments.

“Could be the measures the president announced yesterday (a lot of import management) or the promise that bondholders won't be taking a haircut, or just that the GHS needed a break from its collapse, but the cedi has strengthened for hours today, from GHS14.0/$ to 13.6/$ #Ghana,” the economist wrote via Twitter on October 31.

Meanwhile, Checks by GhanaWeb Business show that the cedi is selling at GH¢13.70 at some forex bureaus in Accra while selling at 13.0156 on the interbank foreign exchange market as of October 31, 2022.

Could be the measures the president announced yesterday (a lot of import management) or the promise that bond holders won't be taking a haircut, or just that the GHS needed a break from its collapse, but the cedi has strengthened for hours today, from GHS14.0/$ to 13.6/$ #Ghana pic.twitter.com/DKrGsYzkMA

— Charlie Robertson (@RencapMan) October 31, 2022