Audio By Carbonatix
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, according to quotations by the forex bureaus.
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.
Checks by Joy Business at the forex bureaus indicate lack of dollar shortage in the market.
$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.
Latest Stories
-
FDA urges consumers to prioritise safety when purchasing products during festive season
2 minutes -
President Mahama calls for single-digit interest rates on agricultural loans
16 minutes -
President Mahama urges Ghanaians in formal jobs to take up farming
26 minutes -
Farming interventions paying off, lifting incomes and food security, says Agric minister
41 minutes -
Gov’t pledges science-backed interventions in agriculture, says Agric minister
51 minutes -
Ghana unveils $3.4bn plan to accelerate national clean energy transition
54 minutes -
Interior minister urges security agencies to maximise use of new NSB regional command in Ho
59 minutes -
Photos: Ghana celebrates 41st National Farmers’ Day
1 hour -
2025 Farmer’s Day: Farmers demand a 2% interest rate on loans to boost farming activities
1 hour -
Chamber of Aquaculture Ghana calls for strong public-private partnerships to unlock finance and transform the sector
2 hours -
Lions celebrate International Volunteer Day with over decades of service and impact
2 hours -
3 dead, dozens injured in Mampong Abuontem head-on collision
2 hours -
MoFFA shuts down several Eastern Region mortuaries over poor sanitation, non-compliance
2 hours -
Domestic violence case: John Odartey Lamptey remanded over alleged brutal assault on wife
2 hours -
Minority urges government to tackle smuggling and protect local farmers
2 hours