Dollar and Euro strengthen against the Cedi on the interbank exchange rate selling at ¢8.0080 and buying at ¢8.0000 after a steep fall from high inflation.
Inflation rate in Ghana at 40.4% in October jumped to a whooping 50.3% , the highest reading since May 2001.
Depreciation of the cedi in recent months saw to the exorbitant increase in the prices of goods and services with the blame being tied to the high dollar rates as a result of increased dollar demand.
The cedi which was once the World’s worst performing currency became the best in the second week of December.
At the beginning of the year the cedi to a dollar was ¢6.0500 but climbed to its highest ¢14.740 in November.
The President in a speech at the Ga Presbytery Centenary celebration urged traders and service providers to reduce prices as dollar rates have dropped.
According to the Bank of Ghana, the British Pounds also sells for ¢9.7385 and is bought at ¢9.7272, while the Euro sells for ¢8.5313 and is bought at ¢8.5222.
The slight increment in the major foreign currency exchange may see to a delay in the prices of goods and services as earlier decrement in exchange rate did not have effect on prices of goods and services with transport owner not abiding to a stipulated 15.3% fare decrement.