The Ghana Cedi has further depreciated in less than a week and now sells around a little over Ghc 15.00.
Some forex bureaus visited are selling and buying around Ghc 14.88 and 14.75 and others at Ghc 15.05 and Ghc 15.02 respectively,
Bank of Ghana rates as of 20th October are Ghc 12.5949 and 12.5886 (selling and buying respectively)
The Ghana Cedi has historically devalued relative to the US Dollar and keeps depreciating with less or no hopes of getting stabilized.
Businesses in Accra and Kumasi closed down following the continuous depreciation of the currency. According to business owners, the Cedi’s depreciation has negatively affected their operations.
Reports indicate that some top forex bureaus in Accra, have shortage of US dollars and cannot meet the demand for it.
Speculation from Ghanaians on the continuous fall in the Cedi and the ‘rational’ behaviour to safeguard one’s money (Cedis) value have been one of the causes of the fall.
