The Ghana cedi continued its free fall, losing value twice within a day to sell at ¢14.50 to one US dollar. This translated to 5.45% depreciation in a day and 17.5% in four days of the week. It began the day at ¢13.75 to the American ‘greenback’ but declined in value further to ¢14.50 In nominal terms, the cedi has lost about 135% value to the world’s most important currency. In real terms, the local currency has depreciated by about 55% to the dollar. The cedi also lost more grounds to the pound and euro, despite the two currencies struggling to compete with the US dollar. It is going for ¢16 to the pound and ¢13.3 to the euro. $1 sold for ¢13.75 The woes of the Ghana cedi continued as it depreciated further to about ¢13.75 to the US dollar in the morning of October 20, 2022, less than a day, after reaching ¢13 on October 19. This is equivalent to about 12% depreciation in only four days of this week. SEND A STORY: Do you have a story for us or need a promotion / advertisement? Submit them via our email dannyboy744@gmail.com and via on +233 266777777 Post navigation Building local capacity critical to the sustainability of mining industry – Jinapor Government to set fixed exchange rate system at ports for 3 months to help importers
