The Ghanaian currency (Ghana Cedi) keeps experiencing astronomical decrease in value relative to major currencies as all efforts have proved futile by the Bank of Ghana to arrest the dollar.
Bank of Ghana Interbank Forex Rates report the following figures below vis-à-vis the US Dollar and the British Pound Sterling.
The Cedi as of 17th October 2022 is selling and buying at 10.8763 and 10.8655 to a Dollar respectively (Bank of Ghana figures).
The Cedi is selling and buying at 12.3903 and 12.3769 to the British Pound Sterling respectively (Bank of Ghana figures) as of 17th October 2022.
Some Forex Bureaus in Accra on the other hand are having varied selling and buying rates. Some forex bureaus in the capital are selling and buying the US Dollar at 12.54 and 12.22 respectively.
Other forex bureaus visited, sold and bought the US dollar at 12.65 and 12.34 respectively.
Some forex bureaus in the capital are selling and buying the British Pound Sterling at 12.54 and 12.22 respectively.
Other forex bureaus visited, sold and bought the British Pound Sterling at 12.65 and 12.34 respectively.
Ghanaians have mounted pressure on the President, Akuffo-Addo to fire the Finance Minister Ken Ofori-Atta amidst these economic challenges and his inability to salvage the situation. Depreciation of the Cedi against major currencies cannot be overlooked as a country that relies on importation of goods for internal commerce keeps waking up to news of depreciated Cedi and appreciated major currencies (US Dollar and the British Pound Sterling).
The IMF decision to help the country may be the perceived resolution to the Cedi woes in the near future as Ghanaians wait for a favorable outcome.
Ghana’s neighboring countries are no different and not immune to global crisis, however; the heat felt by Ghanaians seem different from other parts of the world and from its neighboring countries.
One may ask, are these as a result of bad economic policies by policy makers or external causes as claimed by the government?
