The Ghana cedi would temporarily strengthen against the dollar and the other major foreign currencies as the first tranche of the cocoa syndicated loan hit the account of the Bank of Ghana on October 27, 2022.
The about $790 million which will support the country’s balance of payment is expected to boost dollar liquidity in the forex market.
Joy Business understands that the Central Bank will give the cedi equivalent of the loan to Ghana Cocoa Board to finance cocoa purchases for the 2022/2023 crop season.
Since the last two days, the rate of depreciation of the cedi to the American ‘greenback’, the pound and the euro has slowed down.
Presently, the cedi is going for ¢13.80 to dollar in the retail market. It is also selling at ¢15.10 and ¢13.10 to the pound and the euro respectively.
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