Here is how the Ghana Cedi performed against the US Dollar in 2023.
In this article, we will delve into the monthly exchange rate data, starting from January (MO1) to September (MO9), to analyze the performance of the Cedi against the dollar per information available from the Ghana Statistical Service from January to September 2023.
Monthly Exchange Rate Movements:
1. January (MO1): 9.9
The year kicked off with a cedi-to-dollar exchange rate of 9.9. This rate set the tone for the following months, and the currency pair was closely monitored by investors, businesses, and policymakers.
2. February (MO2): 10.9
A significant jump occurred in February, with the exchange rate climbing to 10.9. This increase may have raised concerns among stakeholders, prompting them to closely monitor economic indicators and external factors influencing the exchange rate.
3. March (MO3): 11.0
The trend continued into March, when the cedi maintained its strength against the dollar at a rate of 11.0. Stability in the exchange rate during this month may have provided a sense of reassurance to market participants.
4. April (MO4): 10.9
April witnessed a slight dip, returning to the rate of 10.9. The fluctuation could be attributed to various factors, such as global economic conditions, trade dynamics, and domestic economic policies.
5. May (MO5): 11.0
The exchange rate returned to the 11.0 mark in May, indicating resilience in the Cedi’s performance. Economic analysts and policymakers likely continued to closely monitor external factors affecting the currency.