In the week that concluded on October 28, the cedi returned to some degree of stability on the retail market. It came after an increase in cash brought on by the payment of the first tranche of the US$790 million 2022–23 cocoa loan.
After these sessions, the local currency started to gain a little bit of momentum, rising from a top of GH15. 7 to a US dollar to conclude the week at GH14.95.
The cedi has lost 53. 83 percent of its value relative to the “greenback” between January until October 28 of this year, according to the interbank rate, which has subsequently stabilized at GH13. 01 to one US dollar.
Despite the new economic plan’s delayed introduction, the Great Britain pound (GBP) increased last week against the U.S. Dollar and other significant currencies.