Audio By Carbonatix
The Ghana cedi lost 9.03% in value to the US dollar last week (October 10-October 14, 2022).
This came after the investment market reacted to the September 2022 inflation (37.2%).
The cedi also lost 5.15% and 6.87% in value to the pound and the euro respectively.
The story was the same in the forex bureau market, where the cedi was quoted at an indicative bid/ask rate of ¢11.4000/¢12.4000 per US dollar. The year-to-date depreciation rate was therefore -45.46%.
Analysts say the cedi came under sustained selling pressure last week on heightened uncertainty as the September 2022 inflation surprisingly came in at 37.20%.
They expect the selling pressures to persist on heightened uncertainty around the cedi.
In the 14th Forex Forward auction for the Bulk Oil Distribution Companies, the Bank of Ghana allocated $60 million at a 30-day forward rate of ¢10.7907 to a dollar, indicating intense demand pressures.
1 dollar now goes for ¢12.45
The depreciation pressures on the Ghana cedi continued unabated as the local currency sold at ¢12.45 to the US dollar at the forex bureaus or the retail market.
This translated into 2.8% depreciation of the local currency to the world’s most powerful currency, just in a single day.
Cedi slumps to world’s worst performer versus dollar
The depreciation pressures on the cedi caused a slump in the local currency, ranking it as the world’s worst-performing currency to the dollar, according to Bloomberg.
The currency of the world’s second-biggest cocoa producer depreciated 2% on Monday to 11.2625 per dollar (interbank), taking its losses this year to 45.1%, the most among 148 currencies tracked by Bloomberg.
Latest Stories
-
African governments must take practical steps to retain skilled health workers – President Mahama
36 seconds -
A Tax for Galamsey: Amansie DCE should be sacked—Kpebu
2 minutes -
St. Monica’s celebrates 80 years, pushes for ICT and library development
2 minutes -
Bono East Fire Commander engages Tanoso volunteers, donates protective gear
4 minutes -
VALCO workers demand CEO’s removal, alleging mismanagement and ‘silent sale’
17 minutes -
Baba Jamal: A political career shaped by ballots, court battles and controversy — From Akwatia to Ayawaso East
22 minutes -
Ayawaso East vote-buying investigation underway, report due Feb 10
23 minutes -
Sack Amansie DCE immediately over ‘A Tax For Galamsey’ exposé – Sulemana Braimah
25 minutes -
Boxers and socks are not romance – Mr Carter tells women
28 minutes -
Ghana’s development hindered by indiscipline – Prof. Badu Akosa
29 minutes -
Hong Kong pro-democracy tycoon Jimmy Lai gets 20 years’ jail
42 minutes -
Police pepper spray protesters as Israeli president visits Sydney
42 minutes -
Exposure to galamsey-linked pollution could trigger acute kidney disease – Pediatric Society
1 hour -
Accra International Airport and the power of a name
1 hour -
FoSCel announces change of venue for National Sickle Cell Fun Fair 2026
1 hour
