Cedi moves from GHS 13 to GHS 14 against dollar in a day
The local currency (cedi) continues to lose value against the dollar which has seen its highest appreciation rate since the year 2000.
Against the Chinese Yen, it has appreciated by some 22% this year.
Against the Euro and currencies of emerging markets, it has appreciated by 13% and 6% respectively.
Against the cedi, it has appreciated by some 52% as of Thursday, October 20.
On Thursday, October 20, the cedi declined in value from GHS 13.25 to GHS 14, recording a loss of 75 pesewas against its anchor currency in a day.
Huge demand for the dollar by importers to go for goods for the Christmas festivities, as well as speculation activities in the market, are contributory factors to the fast depreciation of the cedi.
Currently, the country’s Finance Minister, Ken Ofori-Atta, is in Washington DC, negotiating with the IMF for a $3bn Balance of Payment support programme.
It is believed that, should Ghana be able to secure an economic programme from the IMF, it will help calm the markets and stabilise the fast depreciation of the cedi.
