The Ghana cedi’s problems didn’t end when it hit 13 to the US dollar on October 19. In less than a day, it fell to about 13.75.
This means that the value has dropped by about 12% in just four days this week.
Also, the local currency is losing value faster than the pound and the euro. At the moment, it sells for about 14.05 per pound and 12.10 per euro.
Checks by Joy Business at some of the best foreign exchange shops in Accra, the capital, show that there is a severe lack of US dollars.
Again, some banks don’t have enough dollars to do foreign exchange transfers and other similar businesses.
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A Treasurer from one of the international banks who spoke to Joy Business on the condition of anonymity said that the situation is getting worse every day and urged the government to act quickly.
Another top executive at one of the Nigerian banks that do business in Ghana said that the free fall of the cedi against the dollar has caused people to stockpile US dollars, which has increased the demand for the US “greenback.”
Yesterday, October 19, 2022, most exchange offices sold the local currency for between 12.50 and 12.95 per dollar.
Some traders have already spoken out against the free fall of the cedi. They say that their costs of doing business have been going up every week.
For now, the International Monetary Fund’s announcement of its economic program is the only thing that can slow down the cedi’s fall against the US dollar and make it stronger.
As the cedi continues to lose value quickly, $1 is getting close to 13.
The Ghana cedi reached 13 to a dollar on October 19, 2022, as the local currency continued to drop without stopping.
Cedi lost 9% of its value against the dollar in a week.
Last week, the Ghana cedi lost 9.03% of its value against the US dollar (October 10-October 14, 2022).
This happened after the stock market reacted to the 37.2% rise in prices in September 2022.
When compared to the pound and the euro, the cedi lost 5.15 and 6.87 percent of its value.