The consistent depreciation of the local currency, the Cedi, which is said to be at its lowest in recent years, is taking a serious toll on university students.

Checks by Joy News also suggest that the depreciation's negative effect has already started reflecting on businesses.

The forex exchange market figures appear worrying as the US dollar, which used to sell for GH¢2.20 before the 2013 Christmas, is now selling at GH¢2.60, while the British Pound, which used to be sold about GH¢3, is now selling at GH¢4.20.

Some traders and importers who spoke to Joy News say the rate at which the cedi is depreciation is “killing businesses”.

Some said they have no choice but to pass on the cost to consumers, whilst others are considering laying off staff.

Some students at Zenith University College told Joy News’ Michaela Anderson they are frustrated by the situation.

 Some students are now paying a dollar equivalent of 2,500 cedis instead of 1,800.

A student described the increasing fall as “incongruous”.

 Meanwhile the Bank of Ghana says its reserve is intact but is careful not to release too much into the system which it fears would deplete it stock. It noted that the banks are making abnormal demand with some tripling their demand for dollars.

 Currency analyst Samuel Kofi Ampah told Joy News the problem is as result of demand outstripping supply and the immediate implication is that people would have to pay more for goods, especially imported products.

 He called for a pragmatic look at the structure of the economy. In his view, the Central Bank is doing well with its short term interventions such as issuance of bonds to help the market.

 But what the Central Bank is yet to do, he said, is the formulation of medium and long term policies to increase the country’s export and reduce import.