Cedi expected to be biggest beneficiary from smooth elections

The cedi could be one of the biggest beneficiaries as a result of the smooth elections.

Former President, John Mahama emerged the winner of the 2024 general elections after polling 6,328,397 representing 56.55%.

The Vice President and presidential candidate of the governing New Patriotic Party (NPP), Dr Mahamudu Bawumia, secured 4, 657, 304, representing 41.61%.

Expectations for cedi

Before the December 7 elections, the Bank of Ghana assured that it had enough dollar buffers to support the cedi.

In addition, there were fears uncertainty surrounding the elections could cause the cedi to depreciate.

However, some observers say events after the December 7 elections will not negatively impact the cedi due to the peaceful nature it was conducted.

It is anticipated that the development could result in the cedi gaining in the coming days.

For many, the peaceful elections also send a positive signal to investors and donor partners about Ghana’s matured democracy.

Some offshore investors engaged by JOYBUSINESS say Dr. Bawumia’s decision to concede defeat signaled a positive path.

Cedi news  

On December 10, 2024, the dollar was going for GH₵16.20 by some forex bureaus.

The British Pound was going for GH₵20. 20.

The Euro was trading at GH₵17.00.

Meanwhile, commercial banks are selling a dollar for GH₵14.80.

 

Source: Joy Business News