Ghanaians and foreigners in Ghana are expected to trade more cedis for dollars as dollars keep rising astronomically.
Forex Bureaus are currently selling $1 at GH¢11.85, and Bank of Ghana (BoG) selling and buying at GH¢10.7169 and GH¢10.7061 respectively as of October 13 2022.
Rates vary across Forex Bureaus in the market
British Pound Sterling is selling and buying at GH¢12.1561 and GH¢12.1408 respectively, however; emphasis is laid on the US dollar as it is widely dominating global trade.
Depreciation of the cedi against major currencies has been a major cause of worry for the country. Most businesses and individuals engage in importation of goods and thus will need more cedis to purchase a dollar or to pay for imported items into the country.
This has culminated into higher prices in general goods and services especially imported goods sparking continuous complaints among the populace on the state of the economy and the high cost of living.
The economic management team led by the vice president of Ghana, Bawumia, assured Ghanaians of arresting the dollar and educated Ghanaians on ways to strengthen the Cedi. Bawumia in his public lecture prior to general elections criticized the then NDC government for not doing well to strengthen the Cedi against the dollar and said “If the fundamentals are weak, the dollar will expose you” – a statement which remains fresh and audible in the minds of Ghanaians.
Parliament’s approval of the $1.3 billion cocoa syndicated loan and the engagement of the IMF to seek a bailout are expected to ease the burden of economic hardship.
Will the economy be revamped as anticipated or should Ghanaians brace themselves for the worst to come?