Story: Franklin ASARE-DONKOH
The Ghanaian currency (the Cedi), which is said to be the second-worst-performing currency across the globe after Sri Lanka’s Rupee, is depreciating faster than anticipated.
Even though the Central Bank has put out some emergency measures to tackle it, the continued depreciation seems to have outjumped the Bank of Ghana’s Monetary Policy Committee’s measures.
As at Friday, August 19, 2022, the Cedi is being traded on the retail market at ¢10 to a dollar.
Checks around the capital’s forex bureaus and banks reveal that some forex are selling a dollar for GH9.98 while others are selling it for GH10.10.
According to some of the forex bureau operators, there is also a shortage of dollars on the market.
They also say that the situation is bad and could get worse in the coming weeks.