As at Saturday, October 8, 2022, forex bureaus are selling the Ghana cedi to the dollar at ¢11.2 to $1 on the retail market.
This means that the cost of operations of businesses, particularly manufacturing, will go up and consequently trigger increases in prices of some goods on the market, and for that matter inflation.
Reports by Joy Business indicated that the demand for the dollar keeps surging, as there are very few dollars in circulation.
Some operators of the forex bureau said the recent action by the Bank of Ghana has yielded little return.
Earlier, the Bank of Ghana (BoG) announced that the $1.13billion Cocoa Syndicated loan which has been signed by the Ministry of Finance and the Ghana Cocoa Board (COCOBOD) was going to help strengthen the currency.
The BoG said "The strength of the US dollar, Investor reaction to Credit Rating Downgrade, Non-Roll over of Maturing Bonds, The sharp rise in crude oil prices and impact on the Oil Bill, Loss of External Financing."
Meanwhile, Bloomberg said the Ghana cedi lost 40.5% in value to the dollar in nine months of the year 2022, ranking it as the second worst-performing currency in the world in the 147th position.
The decline in the local currency against the dollar is the worst in over three decades.
The performance of the cedi also ranked it as the worst among the 30 top-performing currencies on the African continent.
Source: pulse.com.gh
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