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The cedi started the week on a strong note; as it recorded an impressive surge against the US dollar. As at the beginning of the week, $1 was trading at ¢11.50, representing a significant improvement for the Ghanaian currency.
The impressive performance of the cedi has been attributed to several factors. One of the major reasons is the improvement in Ghana’s economy, which has been recording impressive growth in recent times. The country has been able to attract foreign investments, which has led to increased foreign exchange reserves, thereby boosting the value of the cedi.
Furthermore, the central bank has implemented policies aimed at stabilizing the currency and ensuring it retains its value.
The strong performance of the cedi indicates improvement in the economy and creating an enabling environment for businesses to thrive. With this development, Ghanaians can be optimistic about the future of the currency to maintain its value in the long term.
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Source:Omanghana.com/SP
