The worldwide rating agency Fitch Solutions has expressed optimism for Ghana’s economy and predicted that the cedi will strengthen and soon appreciate.
The rating agency listed a number of elements that will aid in the nation’s recovery, chief among them being the advancements made by the government in restructuring its commercial debt.
The cedi is expected to strengthen in the second half of 2024 as a result of higher foreign exchange inflows brought about by Fitch Solutions’ belief that these developments will boost investor confidence in Ghana’s economy and policymaking procedures.
In addition, Fitch Solutions projects that the Ghanaian cedi will regain some of its recent losses in the coming months, closing the year at USD 12.25.
This forecast is made in light of the cedi’s 11% decline in value relative to the US dollar thus far this year, placing it among the worst-performing currencies worldwide.
