Fitch Solutions predicts cedi rebound, projects GH¢12.25 to USD by year-end

Fitch Solutions expects a recovery for the cedi, projecting an end-year exchange rate of GH¢12.25 to one US dollar.

According to Joy Business, the firm attributes this anticipated strengthening to progress in the restructuring of Ghana's commercial debt by the government.

The cedi has faced challenges, depreciating by 11.0% against the US dollar this year, positioning it unfavorably among

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Fitch Solutions highlights concerns over Ghana's debt restructuring progress and the sustained strength of the US dollar as key factors contributing to the cedi's recent decline.

Despite setbacks, Finance Minister Dr. Mohammed Amin Adam remains optimistic, citing "significant progress" in debt negotiations.

Fitch Solutions expects this progress to restore investor confidence, leading to increased foreign exchange inflows and a strengthened cedi by mid-2024.

Currently, the cedi trades at approximately GH¢12.85 to one US dollar on the retail market, reflecting its recent depreciation against the greenback since the start of 2024.