$1 Dollar Nears ¢13 As Fast Depreciation of Cedi Continues

The fast depreciation of the Ghana cedi continues with no end in sight as the local currency nears ¢13 to a dollar.

This is more than 6% depreciation in only three days of the week (October 17-19).

It may hit ¢13 by the close of the day, based on how trading is going in the retail market.

According to the rate from the forex bureaus, most of the operators are selling the local currency between ¢12.50 and ¢12.95.

Few are, however, selling the cedi at approximately ¢13 to the American ‘greenback’.

Again, some banks are struggling to get the dollar to undertake transfer and trade transcations.

The free fall of the cedi has already triggered protests by some traders who claim their cost of doing business has been surging week-on-week.

Also, the cedi lost more ground against the pound and the euro. It is thus going for ¢13.70 to the pound and ¢12 to the euro.

Some forex operators who spoke to Joy Business on condition of anonymity said they do not know when the rate of depreciation of the cedi will slow down.

To them, the amount of dollars in circulation is inadequate, fuelling the growing demand for the dollars.

Director of Research at the Institute of Economic Affairs and a former member of the Monetary Policy Committee, Dr John Kwakye in a tweet urged President Akufo-Addo to summon the Economic Management Team to address the current economic crisis and reassure Ghanaians.