The depreciation of the Ghana cedi continued today at ¢11.62 pesewas in the retail market.
Since Friday, October 7th, the value of the cedi has decreased by almost 6%.
Some forex bureaus are selling the dollar a little above ¢11.62, indicating that the supply of dollars in circulation may be insufficient.
Some money exchange operators have confirmed that demand for the US dollar is currently at an all-time high, similar to the 1980s and early 1990s.
The cedi has since January this year lost more than 40% in value to the US dollar, a performance that has also impacted negatively on inflation.
The cedi’s woes has been attributed largely to imbalances in the Ghanaian economy, particularly elevated debt level and a large fiscal deficit. This has compelled some foreign investors holding Ghana cedi and dollar denominated bonds to sell their investments and exit the market.
1 dollar hits ¢11.30
The cedi went for ¢11.30 to a dollar yesterday, October 12, 2022, in the retail market.
The situation appears to be worsening every day, as many analysts believe the only solution now is an imminent intervention from the International Monetary Fund.
