$1 nears GHS 13
The fast depreciation of the Ghana cedi continues with no end in sight as the local currency nears GHS 13 to a dollar.
This is more than 6% depreciation in only three days of the week (October 17-19).
It may hit GHS 13 by the close of the day, based on how trading is going in the retail market.
According to the rate from the forex bureaus, most of the operators are selling the local currency between GHS 12.50 and GHS 12.95.
Few are, however, selling the cedi at approximately GHS 13 to the American ‘greenback’.
Again, some banks are struggling to get the dollar to undertake transfer and trade transactions.
The free fall of the cedi has already triggered protests by some traders who claim their cost of doing business has been surging week-on-week.
Also, the cedi lost more ground against the pound and the euro. It is thus going for ¢13.70 to the pound and GHS 12 to the euro.
Some forex operators who spoke to Joy Business on condition of anonymity said they do not know when the rate of depreciation of the cedi will slow down.
To them, the amount of dollars in circulation is inadequate, fuelling the growing demand for the dollars.
Director of Research at the Institute of Economic Affairs and a former member of the Monetary Policy Committee, Dr John Kwakye in a tweet urged President Akufo-Addo to summon the Economic Management Team to address the current economic crisis and reassure Ghanaians.
The Ghana cedi lost 9.03% in value to the US dollar last week (October 10-October 14, 2022).
This came after the investment market reacted to the September 2022 inflation (37.2%).
The cedi also lost 5.15% and 6.87% in value to the pound and the euro respectively.