The Ghanaian Cedi has been hit with some shocks this week as it depreciates to Ghc15.50 to the US Dollar.
The Ghanaian Cedi is performing poorly on the open market against the US Dollar which many blamed the black market traders for its weakness and its inability to remain stable despite some short-term interventions by the bank of Ghana.
The economy has over the past couple of years been on a downward spiral with respect to the exchange rate and some other indicators.
Many analysts have predicted a continuing trend in the depreciation of the local currency as many attribute it to the upcoming general elections in December.
Others have opined that Bank of Ghana directive to compel banks to halt and deactivate dollar accounts may significantly curb the Cedi currency downward spiral of depreciation.
X Tweet on the Ghanaian Cedi to Dollar Exchange Rate
Currency News:
GHS 15.50 = $1
GHS 19.86 = £1
GHS 16.80 = €1 #JoySMS pic.twitter.com/gUCU8S2Jra— Joy 99.7 FM (@Joy997FM) July 9, 2024
