The Ghanaian cedi has been quoted at a mid-rate of GH¢16.79 to a dollar at the close of last week’s trading, after beginning the week at GH¢16.70 to the American greenback. However, analysts are optimistic that the cedi will continue to gain in the coming weeks, thanks to a significant development.
The International Monetary Fund (IMF) has hinted at disbursing $360 million to Ghana under the country’s Economic Credit Facility program. This follows a positive review of Ghana’s economic performance, particularly the successful debt restructuring attained earlier this year. The IMF’s Board is expected to approve the third review in early December 2024, paving the way for the disbursement of the funds.
The injection of $360 million into Ghana’s economy is expected to improve market sentiment and ease pressure on the cedi. The funds will augment Ghana’s foreign exchange reserves and support supply-side interventions, ultimately strengthening the cedi. Analysts believe that this development will have a positive impact on the currency, leading to a gain in the coming weeks.
Ruth Abla ADJORLOLO
