Cedi depreciates further as $1 is now equivalent to GH¢14
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The value of the Ghana Cedi has suffered another massive depreciation against the dollar.
The recent depreciation moves a dollar close to GH¢14.
According to Joy Business, the Cedi is losing value more quickly than the euro and pound. It is now being sold for around 14.05 pounds and 12.10 euros.
Leading forex agencies in Ghana’s capital, Accra, report a severe lack of US dollars.
Once more, a handful of banks lack the funds necessary for currency exchanges and other relevant transactions.
Nigerian banks with operations in Ghana claimed that the free collapse of the cedi against the dollar has led to dollar hoarding, which has increased demand for the US “greenback.”
Yesterday, October 19, 2022, most forex offices sold the local currency for between 12.50 and 12.95 to the dollar.
Some traders have already protested the free collapse of the cedi because they believe that their costs of conducting business have been rising week after week.
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