Adnan Adams Mohammed
Ghana’s local currency (cedi) has been upgraded from Ca to Caa3 by international rating agency, Fitch.
The cedi has also been remarked with a stable outlook. On the back of a successful foreign currency restructuring and a continued disbursement from the International Monetary Fund would lead to more gains by the cedi in coming months.
The Ghana cedi gained a favorable 0.43% against the US dollar in the retail market last week. It traded at a mid-rate of ¢11.53 to a US dollar.
Analysts believe the local currency upgrade will improve investor sentiment and strengthen the cedi against the dollar this week as the market reacts favourably to the local currency upgrade.
However , the local currency depreciated against the pound and the euro respectively.
The year-to-date loss of the cedi to the American greenback hovered around 12%.
On the interbank market, the local currency has however depreciated by about 20% to the US dollar. It is currently selling at ¢10.98 to one dollar.
