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
-
2026 FIFA World Cup: What African fans will pay to watch their teams
3 hours -
2026 World Cup: How FIFA priced Africa’s ordinary fan out of the tournament – and why the gap with the rest of the world is impossible to ignore
4 hours -
Creative industries ‘incredibly worried’ about OpenAI-Disney deal
4 hours -
Low condom use among young people in Volta Region disheartening – AIDS Commission
4 hours -
Prada to launch $930 ‘Made in India’ Kolhapuri sandals after backlash
4 hours -
Gov’t moves to fix Armed Forces housing crisis with 2000 new units and jets
5 hours -
Boy, 13, shot dead as youth torch mining vehicles in Adelekezu
5 hours -
‘Architects of AI’ named Time Magazine’s Person of the Year
5 hours -
GPL 2025/26: Berekum Chelsea edge Hohoe United to end winless run
5 hours -
GPL 2025/26: Mensah’s penalty helps Bechem United beat Eleven Wonders
6 hours -
Did Ghana need 110 brand new hospitals at once?
6 hours -
Benin: Ex-president’s son arrested after foiled coup attempt
6 hours -
Reconsidering Ghana’s presidential age limit: Why Article 62(b) of the 1992 Constitution deserves review
6 hours -
ECOWAS unanimously endorses President Mahama for African Union chairmanship
6 hours -
Douri-Naa predicts victory for ‘Second Dombo’ Bawumia in NPP primaries and 2028 election
7 hours
