Will the Dollar Go Up Against The Cedi or the cedi to dollar exchange rate will be stable?
The Ghana cedi performance against the Dollar is very dynamic and not static as it should be to gain stability.
One may then be forced to ask that, “Will the Dollar Go Up Against The Cedi?
Well, the Answer to this sort of ambiguous and controversial but simple question is cumbersome hence involve complex gymnastics to answer following the trend of the exchange rate in the world market.
Speculations have it that, there is a big hope or guarantee that the cedi will perform magically to gain stability over the dollar.
But generally speaking, the dollar is performing wonderfully and creditably well than the cedi in various diacotomies.
According to joy business news, there may be a little but significant hope that the cedi will gain grounds over time.
To bost the valuability of the cedi, Central Bank discharged it’s mandate by selling as much as $168 million to feed the general demand for foreign exchange. This has lifted the kind of tension placed on the dollar making it hard enough for it to rise against local currencies.
Besides, the approval of $3.0 billion by the International Monetary Funds to Ghana means more dollars wil be pumped into the system. These major regulations and privileges granted to the country can help arrest or restore the value of the cedi.
Looking at the rate at which the dollar was skyrocketing, one can attest to the fact that, it is now a little bit better than before.
Although the dollar rise-up is currently a bit low as a dollar is trading as 10.36ghc at the stock exchange market. The dollar rise up is not limited to the quantity and quality of dollars been pumped into the local marketing system but also inability of countries to digitalized the production chain.
More goods and services needs to be produced for export rather than import. The higher the countries import rate relatively to its export rate, the high the dollars pumped into the country run down. This will still increase the dollar rate once more against the cedis.
The cedi is selling as follows presently;
1, euro….Ghc 13.70
2. Pound……GHC15. 60.
3, dollar ….. Ghc 10.36
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