Cedi recovers slightly against dollar, others; One dollar going for GH¢16.22

The Ghana cedi slightly recovered against major foreign currencies last week, gaining 0.09% against the US dollar, 0.35% against the pound, and 0.28% against the euro.

This follows Ghana's successful Eurobond debt restructuring and a Staff Level Agreement with the IMF on the Extended Credit Facility.

Currently, the cedi is trading at GH¢16.22/$, with a year-to-date depreciation of 22%.

Analysts expect further improvements as Ghana anticipates $360 million in IMF financing, which should bolster foreign exchange reserves and strengthen the currency in the near term.