Cedi climbs to GHS 12 per dollar
The depreciation of the local currency continues as the cedi is reported to have crossed the GHS 12 mark.
Per reports, the greenback is selling for GHS 12.10 pesewas at most forex bureaus in the country.
Forex bureaus claim the supply of dollars has reduced significantly, with some banks even struggling to get the greenback. Hence the increase in the price of the dollar.
Again, the cedi is losing grounds quickly against the pound and euro. Whilst the pound is going for about GHS 12.70, the euro is selling at GHS 11.10.
Within just one week the local currency has lost more than 6% in value to the dollar, putting the year-to-date depreciation of the cedi to the dollar at 46%.
For now, it’s unclear when the rapid depreciation of the cedi will cease. But, the inflows of the expected first tranche of the $1.13 billion Cocoa Syndicated Loan may help slow down the free fall of the cedi in the interim.
