The Ghana cedi’s rapid devaluation continues, with no stop in sight as the local currency approaches 13 to the dollar.
This is a greater than 6% devaluation in just three days (October 17-19).
Based on how retail trade is going, it might reach 13cedis by the end of the day.
According to forex bureau rates, the majority of businesses sell the local currency between 12.50 and 12.95 cedis
Few, though, are selling the cedi at around 13 cedis to the American ‘greenback.’
Once again, certain banks are having difficulty obtaining the dollar in order to conduct transfer and trade transactions.
Some traders have already protested the cedi’s free slide, claiming that their cost of doing business has been rising week after week.
In addition, the cedi lost strength versus the pound and the euro. It is currently trading at 13.70 cedis to the pound and 12 cedis to the euro.
Some forex traders who talked to Joy Business on the condition of anonymity claimed they don’t know when the cedi’s depreciation will slow.
To some, the amount of money in circulation is insufficient, fueling the rising desire for money.
Dr. John Kwakye, Director of Research at the Institute of Economic Affairs and former member of the Monetary Policy Committee, requested President Akufo-Addo to convene the Economic Management Team to handle the present economic crisis and reassure Ghanaians in a tweet.
In just one week, the Cedi lost 9% of its value against the US dollar.
Last week, the Ghana cedi lost 9.03% of its value against the US dollar (October 10-October 14, 2022).
1 dollar is now worth 12.45 cedis.
On Monday, October 17, 2022, the cedi was sold for 12.45 to the US dollar in forex bureaus or on the retail market.