Ghana cedi now exceeds 12gh to a dollar
The Ghanaian cedi continue to depreciate against the dollar and other major foreign currencies
The Ghanaian cedi has depreciated against the dollar by 41.64% since January 2022. Just last week, the Cedi was 11gh to a dollar but that has changed quickly in just a week.
Many economic experts predict things may even get worse in the future. According to them, the Cedi is likely to hit 15gh by January next year, and it could depreciate further if stringent measures are not adhered to. The Ghanaian is currently ranked 5th on Hanke’s currency watch list. Check data below
This means the cedi, if not the worst, is one of the poor performing currencies in the world. Steve Hanke, Senior economist at Johns Hopkins University said one of the remedies to stop tye Cedi from depreciating further to major currencies is to implement the ‘currency Board now”
Prices of goods and services are on the rise, making life difficult for many Ghanaians. Some traders across the country have already shut down their shops amd other businesses because of the cedi’s poor performance. As we speak, fuel prices are expected to go up between 7 to12% per litre in two weeks, IFS projects.