Cedi has fallen by more than 30% so far in 2022
Research firm IC Securities has revised its end-2024 US dollar to Ghana cedi rate forecast to GH¢15.91/US$, up from GH¢13.2/US$, citing the current macroeconomic environment.
This adjustment follows an unexpected policy rate cut by the Bank of Ghana in January 2024 and insufficient program-related inflows. The firm noted that increased cedi supply, adjustments to banks' Cash Reserve Requirements, and fiscal expansion through contractor arrears clearance pressured the local currency.
Despite anticipated inflows of $2.3 billion in late 2024, IC Securities expects continued hedging by domestic investors ahead of the December elections, leading to the revised forecast.
Currently, the cedi trades at about GH¢15.00 to the dollar.
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