The Ghana cedi has gained some stability against the dollar this week. At Afriswap forex bureau, the dollar sold at below GH¢14 and a buying price of GH¢13.
As of December 10, 2022, the dollar is selling at GH¢12.60. This has been attributed to the announcement of a debt restructuring programme by the government.
The dollar has also experienced some weakening in recent times and that can also be attributed to the cedi’s strength lately.
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The British Pound is being bought at GH¢15.00 and selling at GH¢16.30 while the Euro is being bought at GH¢12.80 and GH¢13.70.
The government announced that Ghana’s debts have reached unsustainable levels therefore the need to restructure.
The Finance Minister said that Ghana’s debt has exceeded 100% of GDP. He stated that the government is inviting domestic bondholders to voluntarily swap their existing bonds for new ones with new maturity dates.
This announcement has led to a further downgrade of Ghana’s credit ratings as it implies that Ghana is at a high risk of default.
SSD/BOG
