- Cedi Expected to Gain After Peaceful Elections
- Smooth Transition Boosts Investor Confidence
- Dollar Exchange Rate Stands at GH₵16.20
The Ghanaian cedi could see significant benefits following the smooth conduct of the 2024 general elections, with some analysts predicting a positive outlook for the currency in the coming days.
Former President John Mahama was declared the winner of the 2024 general elections after securing 6,328,397 votes, representing 56.55%. His opponent, Dr. Mahamudu Bawumia, the Vice President and presidential candidate of the ruling New Patriotic Party (NPP), garnered 4,657,304 votes, or 41.61%.
Ahead of the December 7 elections, the Bank of Ghana had assured that it had sufficient dollar buffers to support the cedi, alleviating concerns that election-related uncertainties could cause a sharp depreciation of the currency. In addition, there were fears that the elections might disrupt the cedi’s value due to potential political instability.
However, following the peaceful election results, many observers believe that the cedi will not face negative consequences. The calm and orderly process of the elections is expected to help stabilize the currency, with some anticipating a potential appreciation of the cedi in the near future.
The peaceful elections are also seen as a positive signal to both investors and international partners about the maturity of Ghana’s democracy. Offshore investors engaged by JOYBUSINESS have pointed to Dr. Bawumia’s decision to concede defeat as an indication of a positive and stable political environment.
As of December 10, 2024, the cedi was trading at GH₵16.20 per dollar at some forex bureaus. The British Pound was being sold for GH₵20.20, while the Euro was priced at GH₵17.00. Commercial banks, however, were selling the dollar for GH₵14.80.
