The appreciation of the cedis against the dollar was as a result of the Central Bank’s Forward Forex Auction and the fall in imports due to the novel Coronavirus.
As of Wednesday, March 18, 2020, the cedis had already appreciated by 3.47% against the dollar, 13.38% to the British pound and 5.81% to the euro.
The cedis was however subjected to a little pressure getting to the end of the first quarter of the year.
The pressure was due to liquidation of some portfolio investments by foreign investors amid growing uncertainty about the COVID-19.
The Minister of Finance, Ken Ofori-Atta has disclosed that there has been some disinvestments of local bonds by about 25% of foreign investors.
Back in February 2020, the cedi recorded an appreciation of an estimated 5.75% to the US dollar on the interbank market.