The government has so far succeeded in redeeming some value for the local currency against the dollar.
A few weeks ago the dollar was trading at GH¢5.60. but in just a week the dollar has ceded some 80 pesewas to the local currency.
This is happening after Ghana successfully raised $3 billion from international financial institutions through a three-tranche Eurobond which attracted more bids than the country asked for.
On Tuesday, March 19, 2019, at the close of a roadshow in London, the subscription for the 2019 sovereign bond had swelled, resulting in orders totaling $21 billion.
Check on the forex market on Monday (March 25, 2019) indicated that a dollar was selling at GH¢4.70. At the Global Exchange Forex Bureau at Mallam, Accra, $100 exchanged for GH¢470.
The dollar is expected to further lose value against the cedi when the $3 billion is injected into the economy.
A dollar by the end of January was going for GHC 4.95. The loss continued through February beginning at GHC 4.95 to a dollar and hitting GH¢5 by February 9th.
The dollar ended February at GH¢5.16 to a dollar on the interbank foreign exchange market. It further depreciated by 8 pesewas to reach GH¢5.24 by March 12 and continued to maintain that position for close to a fortnight before taking an ascent to sell at GH¢5.16 on March 22, 2019.