Audio By Carbonatix
Though the Blacks Star’s performance at the ongoing World Cup has brought the country unprecedented global attention, the national currency, the Ghana cedi is apparently suffering as a result.
Currency experts at the Gold Coast Securities have observed a gradual weakening of the currency over the period.
According to them, prior to the commencement of the World Cup the cedi had been performing considerably well and was appreciating steadily against its other trading currencies.
They however say, the cedi has since lost the momentum and has been depreciating.
Derrick Mensah who is with the Gold Coast Securities explained the phenomenon to Joy Business in an interview.
He said football fans who travelled to South Africa exchanged the Ghana cedi for the American dollar to facilitate their spending there.
This he said negativly affected the country's currency.
"Between June 1st till last Wednesay the cedi had 0.42 per cent value against the dollar," he said.
Source: Joy Business/Myjoyonline.com/Ghana
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
CUTS warns GH¢12 demurrage surcharge on cement, raises serious cartel concerns
23 minutes -
Ato Forson thanks constituents for 18 years of support
48 minutes -
T-bills auction: Government exceeds target by 51%, interest rates fall again
50 minutes -
Avoid comparing governments, Catholic Bishops tell Chief Justice
1 hour -
140 migrants in single dinghy rescued in English Channel
2 hours -
FIFA president Infantino will stand for re-election
2 hours -
Catholic Bishops reject calls for Chief Justice’s resignation over political remarks
2 hours -
Germany’s far-right AfD set for big win in eastern state, just short of majority
2 hours -
Catholic Bishops urge Chief Justice to avoid remarks that could raise doubts about impartiality
3 hours -
Mrs Doris Emma Doryumu (Nee Dove)
3 hours -
Illegal mining concessions easier to obtain than lawful ones in Ghana – Prof Frimpong-Boateng
3 hours -
At least 5 dead after Amazon cargo plane barreled off runway at Miami airport
3 hours -
Frimpong-Boateng proposes Environmental Restoration Fund funded by mineral royalties
3 hours -
Corrupt individuals are worse than pathogens; their actions cause premature deaths – Prof Frimpong-Boateng
3 hours -
No illegal mining operation will find refuge on Akyem Essase lands — Chief declares
3 hours