The Ghanaian cedi has continued its recent upward trend, with analysts suggesting the currency could strengthen further, according to CNBC Africa. The appreciation comes as the cedi traded at GHS12.30 on the forex market and GHS11.36 on the Bank of Ghana interbank rate on August 13, as reported by Modern Ghana.
CNBC Africa reports that the currency's advance may not be over, pointing to continued momentum in the exchange rate. The cedi has been leading a quiet week for African currencies, according to financial news outlet Finimize, which noted the currency's standout performance relative to its regional peers.
The central bank's role in supporting the currency has drawn scrutiny. The Institute for Economic Research and Policy Perspectives (IERPP) has questioned the logic of deploying $18 billion to shore up the cedi when the government reportedly needs only $4 billion to implement its 24-hour economy policy, according to 3News. The think tank's criticism highlights ongoing debate about the effectiveness and cost of currency intervention measures.
Pulse Ghana has been tracking the daily Bank of Ghana rates, which show the cedi's gradual improvement against the dollar. The latest figures indicate the currency has found firmer footing after a period of volatility, though the pace of appreciation has varied across different market segments.
Observers will be watching whether the cedi can maintain its current trajectory or if the central bank's intervention strategy faces further questions from policy analysts. The gap between the interbank rate and the retail forex market rate also remains a point of interest for traders monitoring the currency's stability.
