For many businesses and individuals, the rate at which the Ghana cedi was depreciating presented an opportunity to take steps to protect their investment, but for others it was an occasion to really cash in on the free fall of the local currency.

However, for those who are still keeping the dollars to benefit from the cedi's free fall in value, may be the time has come to advise themselves.

The Ghana cedi, according to some commercial banks and analysts, as at last month had depreciated by almost 40 percent, and there were even predictions that it might go down further, hitting 60 by end of year. Therefore looking at the returns that your bank deposits and the various investment instruments  were fetching you,  maybe it was not a bad idea to bet  or cash in on the  cedi's depreciation,  the development, even saw some people close their personal accounts, just to buy dollars in  anticipation that  they would be benefiting from the cedi's  free fall in value.

However, recent developments reveal that the time has come for people to review this strategy, if your dollar savings are not for business purposes, especially if you are not an importer or someone who actually trade with people outside the country.

For instance just about three weeks ago, some commercial banks were selling a dollar for about 4 Ghana cedis. However a transaction Joy Business did with a bank last Saturday September 20, the dollar was sold at 3 Ghana cedi 40 pesewas.

Also, checks with some forex bureau show that some are even selling the dollar for 2 Ghana cedis 80 pesewas, so if you had 1000 dollars in your account which was worth, 3, 900 three weeks ago, at a rate of 3.90 it is now worth 3,400, meaning that you have lost about 500 Ghana cedis just over the past three weeks.

There are predictions the Ghana cedi could be appreciating marginally  against the dollar in the coming weeks