Last week, the Ghana cedi lost 9.03% of its value against the US dollar (October 10-October 14, 2022).
This followed the investing market’s reaction to September 2022 inflation (37.2%).
The cedi has also lost 5.15% and 6.87% of its value against the pound and euro, respectively.
In the forex bureau market, the cedi was quoted at an indicative bid/ask rate of 11.4000/12.4000 per US dollar. As a result, the year-to-date depreciation rate was -45.46%.
![](https://bashdaily.com/wp-content/uploads/2022/10/105837971_cedi_dollar.jpg)
According to analysts, the cedi was under prolonged selling pressure last week due to increased uncertainty when September 2022 inflation unexpectedly came in at 37.20%.
They expect the selling pressures to continue due to the increased uncertainty around the cedi.
They expect the selling pressures to continue due to the increased uncertainty around the cedi.
The Bank of Ghana granted $60 million at a 30-day forward rate of 10.7907 to a dollar in the 14th Forex Forward auction for the Bulk Oil Distribution Companies, showing significant demand constraints.
1 dollar is now worth $12.45.
The Ghana cedi’s devaluation continued unabated, with the local currency selling for 12.45 to the US dollar at forex bureaus or in the retail market.
This resulted in a 2.8% depreciation of the local currency against the world’s most powerful currency in just one day.
Cedi falls to the world’s worst performance against the dollar.
According to Bloomberg, the cedi’s devaluation pressures triggered a drop in the local currency, ranking it as the world’s worst-performing currency against the dollar.
The currency of the world’s second-largest cocoa producer fell 2% on Monday to 11.2625 per dollar (interbank), bringing its year-to-date losses to 45.1%, the highest among the 148 currencies tracked by Bloomberg.