In the first month of 2023, the Ghana cedi fell by 19.1% against the US dollar.

According to the Bank of Ghana’s January 2023 Summary of Economic and Financial Data, the cedi sold on the interbank market for 10.60 to one US dollar in January 2023, up from 8.57 on December 31, 2022.

The Central Bank, on the other hand, forecasts a 30% cedi devaluation against the US dollar in 2022.

In January 2023, the pound and euro lost 21.4% and 20.7% of their value, respectively.

Following some sustained stability in December 2022, the local currency came under strong pressure against the American currency in January 2023.

This occurred following Ghana’s signing of a Staff-Level Agreement with the International Monetary Fund (IMF).

In January 2023, the cedi became the second weakest currency among Sub-Saharan Africa’s top 15 currencies. It is still in that position right now.

It was traded on the FX or retail market at 13.10 to one US dollar, but has since improved significantly to 12.90.

This week saw the dollar and other foreign currencies maintain their stability.

Some observers have ascribed the cedi’s little increase to the program’s bartering of gold for oil, which has reduced the need for foreign exchange to fund the nation’s oil imports. 41,000 metric tonnes of oil, the first phase in the barter for gold, arrived last week.

Prior to this week, the local currency, which had lost 1.55% of its value against the American dollar the previous week, traded at a mid-rate of 12.90.