The Ghana cedi resumed its slide, shedding value twice in a single day to trade at ¢14.50 to one US dollar. This equated to a 5.45% daily depreciation and a 17.5% weekly depreciation.
According to currency bureau quotes, it began the day at 13.75 to the American ‘greenback,’ but fell further to ¢14.50. In nominal terms, the cedi has lost around 135% of its value in relation to the world’s most significant currency. In actual terms, the local currency has fallen by nearly 55% against the dollar.
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The cedi also lost ground to the pound and euro, despite the fact that both of these currencies are struggling to compete with the US dollar. It costs ¢16.00per pound and ¢13.30 pence per euro.
according to the Joy Business at the forex bureaus indicate lack of dollar shortage in the market $1 sold for ¢13.75.
The woes of the Ghana cedi continued as it depreciated further to about ¢13.75 to the US dollar in the morning of October 20, 2022, less than a day, after reaching ¢13 on October 19.
This is equivalent to about 12% depreciation in only four days of this week.
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source: joy news
