The president of Ghana Union of Traders Association, Joseph Obeng has predicted that the cedi will continue to depreciate till the end of January.
According to him, the recent depreciation of the cedi can be attributed to Chinese residents in Ghana repatriating dollars to China.
He stated that at this time of the year, the Chinese return home for the holidays.
In an interview on Joy FM’s Top Story on Tuesday, January 17, 2023, Mr. Obeng explained that the situation would persist till the repatriation of the dollar is contained.
“Until we have a permanent solution to this repatriation and all that, for this particular month of January it will continue to see the depreciation of the cedi,” he said.
The dollar has begun a steady appreciation over the cedi in the last few weeks prompting fear the country is heading back to the dark days of 2022 when the cedi depreciated.