The Ghanaian cedi could be one of the biggest beneficiaries following the peaceful outcome of the country’s 2024 general elections.

John Mahama, the former president, emerged victorious in the presidential race with 6,328,397 votes, securing 56.55% of the total vote. His main rival, Vice President Dr. Mahamudu Bawumia, the candidate for the ruling New Patriotic Party (NPP), garnered 4,657,304 votes, representing 41.61%.

Expectations for the Cedi

Ahead of the December 7 elections, the Bank of Ghana reassured the public that it had sufficient dollar reserves to stabilize the cedi. There were concerns that any electoral uncertainty could lead to depreciation of the currency, but analysts now predict that the peaceful conduct of the elections will help the cedi maintain stability in the short term.

Observers believe the calm election results send a positive signal to both investors and international donors, reinforcing confidence in Ghana’s democratic maturity. Offshore investors told JOYBUSINESS that Dr. Bawumia’s decision to concede defeat has helped to pave a positive path for the country.

Current Exchange Rates

As of December 10, 2024, the cedi was trading at GH₵16.20 to the US dollar at some forex bureaus, with the British Pound pegged at GH₵20.20 and the Euro at GH₵17.00. Commercial banks were selling the US dollar at GH₵14.80.

With the elections behind it, Ghana’s currency is expected to benefit from both internal stability and improved investor sentiment in the days ahead.

Source:TheDotNews