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Cedi to remain stable against dollar

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The Ghana cedi is expected to remain stable and probable improve its value against the dollar in the coming days and weeks.

This is due to significant steps made by the government to achieve the Domestic Debt Exchange programme target.

The completion of the programme will pave the way for the crucial International Monetary Fund Board approval of a support programme for Ghana.

The Ghana cedi has in the past week exhibited stability against the US dollar after a poor performance in January 2023.  

It gained a marginal 0.78% value to the American greenback last week to trade at about ¢12.85 one US dollar.

The Central Bank last week sold about $22 million on the spot market to help tame the corporate demand.

The government last week reached an agreement with the crucial stakeholders (the Ghana Association of Banks, the Ghana Insurance Association, and the Ghana Association of Securities Industry) of the Domestic Debt Exchange Programme.

It, however, yesterday, January 31, 2023, extended the deadline for the Domestic Debt Exchange Programme to February 7, 2023.

It therefore encouraged all stakeholders to participate in the programme, an essential step towards meeting its debt sustainability targets and restoring macroeconomic stability and economic growth.

This many analysts, Joy Business, engaged believed is crucial to securing the Board Level Agreement with the IMF that will positively impact on the outlook of the foreign exchange market and consequently the cedi.

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