The Ghana cedi kept falling in value, dropping two days’ worth of value in one day to trade at 14.50 to the US dollar. Just this evening, it reached Gh15.01 at the different forex bureaus. This meant a depreciation of 5.50% in a day and 17.7% over the course of four days.
Its value decreased further to 14.50 and is now over Gh15 from its opening price of 13.75 to the American “greenback” for the day.
The cedi has lost value relative to the most significant currency in the world by around 136% in nominal terms.
The local currency has lost value relative to the dollar by around 56% in real terms.
Despite the pound and euro’s struggles to compete with the US dollar, the cedi also lost considerable ground to them.
It is being sold for 16 pounds and 13.3 euros.
Less than a day after reaching 13 on October 19, the Ghana cedi’s problems worsened as it fell further to around 13.75 to the US dollar on the morning of October 20, 2022.
This translates to a 12% depreciation over the course of just four days this week.
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