Fitch Solutions predicts that the Ghana cedi will end 2023 at GH¢12.40 to one US dollar, with a far lower rate of depreciation than last year’s 38%.
The research and market information firm argues that Ghana will secure an International Monetary Fund-support programme by May 2023 that will cushion the cedi against foreign exchange pressures. Fitch Solutions adds that while short-term exchange rate volatility will persist, the cedi will stabilise once a formal creditors’ committee is formed and the IMF executive board approves Ghana’s programme.
The cedi has so far depreciated by about 14% to the US dollar in the retail market, selling at about GH¢12. However, it has lost about 21% in value to the American greenback on the interbank forex market, going for about GH¢10.95.