- October 31, 2022
- Posted by: Amos Ekow Coffie
- Categories: Banking and Finance, Economics
The rate of depreciation of the cedi slowed down for three days running as the local currency is now going for ¢13.60 to one US dollar.
The local currency strengthened against the American ‘greenback’ the whole of last week, gaining about 1.07% in value.
However, it is still the worst-performing currency on the African continent in 2022, depreciating by about 55% to the US dollar since January 1, 2022.
President Akufo-Addo on October 30, 2022, assured investors that they would not lose their funds due to the ongoing engagements with the International Monetary Fund.
This pronouncement may somehow have assured investors that the government is committed to turning the economy around.
Before then, the President had met the Ghana Association of Banks, the Association of Ghana Industries, among other stakeholders to find a remedy to the fast depreciation of the cedi as well as other economic challenges facing the country.
Prior to that the Governor of the Bank of Ghana, Dr. Ernest Addison, had met the Ghana Association of Bankers and the Forex Bureaus Association of Ghana over the cedi’s woes.
Again, the presence of the first tranche of the cocoa syndicated loan is expected to boost dollar supply in the forex market, hence reducing the high demand for the American ‘greenback’ in the past months.
Checks by Joy Business at the forex bureaus also indicate that the cedi continued to regain value against the pound and the euro. It is presently going for ¢15 and ¢13 to the pound and euro respectively.