Ghana Cedi crosses 15 to the US dollar

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The Ghanaian Cedi crosses 15 to the US dollar today at some forex bureaux.

According to Professor Godfred Alufar Bokpin, an economist, the Ghanaian cedi is expected to reach a parity of 15 to the dollar by year’s end. The Professor predicts that the local currency’s decline will not soon stabilize. He has still advised Ghanaians to maintain their composure.

Professor Bokpin said Ghanaians don’t need to undergo panic withdrawals while speaking to Winston Amoah on Joy FM’s Super Morning Show on Thursday.

“I will now advise my fellow Ghanaians to be calm as we are on track to cross the GH15 to a dollar threshold. We have just one nation. Don’t cannibalize the situation, please. Come along, and let’s practice the essential restraint and composure. There is no need for panic withdrawals.

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Earlier: Cedi crosses GHC12 mark to a dollar 

The majority of the owners are selling the dollar for more than 12 at major forex bureaus and retail markets. They believe that there are now much less bucks available.

Today, the Ghanaian currency, Cedis, has crossed the GHC12.00 mark to a dollar.

Within a week, the Ghana cedi broke beyond the 12-mark, trading at GHC12.10 at the majority of forex bureaux or the retail market.

The majority of the owners are selling the dollar for more than GHC12. They believe that there are now much less bucks available.

The cedi is once again losing strength slowly against the pound and euro. One euro is currently selling for GHC11.10 while a pound currently costs around GHC12.70.

The value of the local currency relative to the dollar has dropped by more than 6% in just one week (October 10–October 14). This indicates that the cedi has lost about 46% of its value so far this year.

By assuming this rate of depreciation, businesses’ working capital, especially that of manufacturers who rely on the dollar, have reduced.

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The Cedi was 11gh to the dollar just a week ago, but that has drastically altered in that short amount of time. The cedi has crossed GHC12 mark.

Numerous economists believe that things could possibly get worse in the future. They claim that if strict procedures are not followed, the Cedi could devalue much further and touch 15gh by January of the next year.

Ghana Cedi crosses 15 to the US dollar