The Ghana cedi’s difficulties continued as it fell to around 13.75 to the US dollar in less than a day after reaching 13 on October 19.
This equates to a 12% depreciation in just four days this week.
In addition, the local currency is losing more quickly than the pound and euro. It is currently trading at around 14.05 to the pound and 12.10 to the euro.
Joy Business checks at several of Accra’s main forex offices show a severe shortage of US dollars.
Again, a handful of institutions lack sufficient funds to conduct FX transfers and other associated transactions.
Another senior official of a Nigerian bank with a presence in Ghana remarked that the cedi’s fast fall against the dollar has resulted in dollar hoarding, raising demand for the American ‘greenback.’
Most forex bureaus offered the local currency for between 12.50 and 12.95 to the dollar yesterday, October 19, 2022.
Some traders have already spoken out against the cedi’s free fall, noting that their business costs have been growing week after week.
For the time being, the International Monetary Fund’s announcement of an economical program is the only hope for the cedi’s depreciation to slow and stabilize in relation to the US dollar.
As the cedi continues its rapid fall, the dollar approaches 13 cents.
The Ghana cedi reached 13 to the dollar Wednesday, October 19, 2022, as the local currency’s precipitous decline continued unabated.
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.
