The Ghanaian cedi stands to gain significantly following the smooth conduct of the 2024 general elections. Former President John Mahama emerged victorious, securing 6,328,397 votes, which translates to 56.55% of the total. His closest contender, Dr. Mahamudu Bawumia, the Vice President and presidential candidate for the ruling New Patriotic Party (NPP), garnered 4,657,304 votes, or 41.61%.
Expectations for the Cedi
Prior to the December 7 elections, the Bank of Ghana assured the public that it had sufficient dollar reserves to stabilize the cedi, despite concerns about potential volatility due to election-related uncertainties. However, the peaceful nature of the polls has eased fears of depreciation. Analysts predict that the stability following the elections could lead to the cedi strengthening in the coming days.
The calm electoral process has also sent a strong message to investors and international donors about Ghana’s stable and mature democracy. Several foreign investors consulted by JOYBUSINESS noted that Dr. Bawumia’s decision to concede defeat further reinforced confidence in Ghana’s political stability.
Cedi Performance as of December 10, 2024
The dollar was trading at GH₵16.20 in some forex bureaus.
The British pound was priced at GH₵20.20.
The euro was selling at GH₵17.00.
In comparison, commercial banks were offering a dollar at a lower rate of GH₵14.80.
Source: TheDotNews