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Cedi Appreciates Marginally To The Dollar: Afrexim Bank’s $750 Million Loan Props Up Local Currency.
The cedi is pulling a surprise as it begins the last quarter of 2022 with a marginal appreciation against the dollar The cedi is selling at GH¢9.98 to the dollar on the forex market as of September 1 Just two weeks ago, it sold at GH¢10.11 to $1, prompting fears of a major tumble in the coming days.
The Ghana cedi has started the last quarter of this year on a high note as it appreciates marginally against the dollar at forex bureaus monitored by YEN.com.gh on September 1, 2022. After selling GH¢10.11 to $1 two weeks ago, the cedi has shown resilience these past few days.
It is selling at GH¢9.98 to the dollar on the forex market as of September 1. The cedi picked up slightly on the interbank market, selling at GH¢8.2366 to $1.
The cedi has lost more than 30% of its value to the dollar since January 2022. Source: UGC The marginal appreciation of the troubled cedi can be attributed to some $750 million that hit the accounts of the Bank of Ghana last week.
The money is a loan from the Africa Export-Import (Afrexim) Bank.
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The money is meant for some construction projects. However, it emerged that the central bank held on to the scarce dollars and paid contractors in cedis.
Below is how the cedi performs on the forex market as of Thursday, September 1, 2022.
Dollar vs Cedi Buying:
$1 = GH¢9.79 Selling: $1 = GH¢9.98
Pound vs Cedi Buying: £1 = GH¢11.10 Selling: £1 = GH¢11.60
Euro vs Cedi Buying: €1 = GH¢9.55 Selling: €1 = GH¢9.85
Naira vs Cedi Buying: GH¢1= ₦12.00 Selling: GH¢1 = ₦15.50
Rand vs Cedi Buying: R1 = GH¢0.45
READ ALSO GH¢ GH¢1.08bn in financial irregularities discovered by Auditor-General in 2021 Selling: R1 = GH¢0.80
Bank of Ghana Receives $750 Million Afreximbank Loan To Strengthen Cedi Against Dollar YEN.com.gh reported previously that the Bank of Ghana has received $750 million from the African Export-Import Bank, as a scarcity of the American green back in Ghana puts pressure on the cedi.
The Afreximbank loan hit the BoG account on Thursday, August 25, 2022, and is intended for infrastructure projects.
However, the central bank is expected to give out the cedi equivalent to the contractors and keep the dollars.
This will firm up efforts to hold the cedi fall against the dollar.
