However, the local currency had depreciated by 14.5 percent against the American currency on the forex market so far this year.
Analysts say the Bank of Ghana’s efforts to support the Ghana Cedi and other liquidity management efforts are finally having a positive impact despite robust import demand.
They are predicting a further stable currency if the Central Bank continues its liquidity management operations despite pressure from large fiscal and current account deficits.
Meanwhile, on the currency market today, the Ghana Cedi remained relatively stable to the US Dollar. It however rose to the other major foreign currencies on the interbank market.
It is still trading between 1 Cedi 99 pesewas and 2 Cedis to the US dollar on the interbank forex market. It is going for 2 cedis 69 pesewas and 2 cedis 70 pesewas against the euro.
It is also trading between 3 cedis 18 pesewas and 3 cedis 19 pesewas to the British Pound on the foreign exchange market.