Cedi hits GHS 10 to $1
The local currency has hit the GHS 10 mark to $1 as it traded at GHS 10.01 on the retail market on Thursday, August 18.
The cedi, according to Bloomberg, has lost roughly 30% of its value against the US dollar since the beginning of the year. But according to the Bank of Ghana, the cedi’s year-to-date depreciation rate stands at 25%.
The cedi’s situation has become a major worry to businesses and household consumers, as its continuous depreciation is expected to be halted by the recent measures announced by the Bank of Ghana and the expected $750 million syndicated loan.
The Bank of Ghana had introduced measures including working collaboratively with the mining firms, international oil companies, and their bankers to purchase all foreign exchange arising from the voluntary repatriation of export proceeds from mining, and oil and gas companies.
This it believes will strengthen the central bank’s foreign exchange auctions, and consequently the cedi.
The inflows of the expected $750 million syndicated loan may also halt the rapid fall of the cedi in the short term.
