Cedi Strengthens on Peaceful Election Backdrop
Cedi Strengthens on Peaceful Election Backdrop
- The Ghanaian cedi is poised to benefit from the peaceful conduct of the 2024 general elections
- Prior to the elections, concerns were raised about potential currency volatility due to uncertainty surrounding the electoral process
- Offshore investors have expressed optimism about the country's future
The Ghanaian cedi is poised to benefit from the peaceful conduct of the 2024 general elections.
The smooth transition of power, marked by the concession of defeat by the incumbent Vice President, Dr. Mahamudu Bawumia, has sent positive signals to both domestic and international investors.
Prior to the elections, concerns were raised about potential currency volatility due to uncertainty surrounding the electoral process.
However, the peaceful outcome has alleviated these fears.
As a result, the cedi is expected to strengthen in the coming days. This positive outlook is further bolstered by the Bank of Ghana’s assurance of adequate dollar reserves to support the currency.
The peaceful elections also highlight Ghana’s maturing democracy and could attract increased foreign direct investment.
Offshore investors have expressed optimism about the country’s future, citing Dr. Bawumia’s gracious concession as a significant step forward.
As of December 10, 2024:
- USD/GHS: 16.20 (Forex Bureaus)
- GBP/GHS: 20.20 (Forex Bureaus)
- EUR/GHS: 17.00 (Forex Bureaus)
- USD/GHS: 14.80 (Commercial Banks)
