Business News of Saturday, 1 February 2020Source: www.ghanaweb.comCedi appreciates amongst three major trading currencies for January 2020 – BoG reportThe local currency has appreciated against all the three major currenciesAccording to data released by the Central bank, the local currency has appreciated against all the three major currencies, the dollar, euro and pound sterling in the first month of January 2020. The Bank of Ghana says the cedi’s performance follows the banks resolve to put in a number of stringent measures and reforms in determining the currency’s recurring struggles against its major trading partners. In 2019, the cedi saw a depreciation against all the three currencies but has now regained grounds amongst economic trading partners. The cedi depreciated 12.9 percent, 15.7 percent and 11.2 percent against the dollar, pound and euro respectively. According to the central bank, the move was adopted to help in regulating the supply of foreign currency and to stabilize the cedi for some time.

Source: GhanaWeb February 01, 2020 15:33 UTC