Ghanaian cedi strengthens against us dollar after central bank intervention

The Ghanaian cedi has experienced a significant recovery, trading at ₵12.33 to the US dollar, according to recent data from the Bank of Ghana. This marks a notable improvement from recent lows. The central bank's interbank rates indicate the currency buying at ₵12.3138 and selling at ₵12.3262 against the US dollar. Financial analysts attribute the cedi's gains to robust foreign exchange interventions by the Bank of Ghana. Improved dollar inflows from key export sectors also contributed to the currency's appreciation. The cedi also strengthened against other major currencies, exchanging at ₵16.32 to the British pound and ₵13.72 to the euro. The recovery is supported by favorable global conditions for Ghana's gold exports, with prices remaining high. Economists, however, caution that maintaining this positive trend requires disciplined fiscal management. This is particularly important as the country navigates ongoing debt restructuring negotiations.