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The Ghana cedi, which experienced a sharp depreciation against the dollar and other major foreign trade currencies during the last quarter of 2018 and the first quarter of 2019, began to experience a slight appreciation of the market.
On March 13, the local currency depreciated against the dollar to trade around GH ¢ 5.90, but began to recover from March 14 and rose slightly to 5.049 GHC on March 24, 2019 .
According to badysts, the cedi's magical performance has been largely influenced by the injection of dollars into dollars by the Central Bank (BoG) after it achieved the IMF target of dollars up to a certain level by the end of December 2018.
Parliament's approval of Standard Chartered Bank's $ 750 million bridge loan and Finance Minister Ken Ofori-Atta's badurance that Cedi would stabilize in two weeks gave hope to market participants who already sold them.
According to experts, these developments have increased the supply of dollars in the market, which has allowed the cedi to perform better.
Gabby Asare Otchere-Darko, a close confidant of President Nana Addo Dankwa Akufo-Addo, commented on the cedi's appreciation in Facebook, saying the performance of the local currency was good news.
"The recovery of the cedi has been remarkable. May the good news continue, "he said.
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