Cedi depreciates 8.63% to dollar since January 1, 2024; one dollar going for GH¢13.60

The Ghana cedi has lost 8.63%in value to the dollar since the beginning of 2024 as pressure continues to mount on the local currency.

Bloomberg is predicting more tough times for the cedi as the debt restructuring with Eurobond holders drags.

The cedi has come under intense pressure in the past three weeks, falling heavily against the US dollar and the other major foreign currencies.

It lost more than 1.30% last week to the American greenback.

Checks by Joy Business at some forex bureaus indicate that the cedi is going for GH13.60 to the dollar.

Bloomberg said the worst may not be over for the local currency which is Africa’s third-worst-performing currency this year.

The US-based firm said the cedi could continue to weaken despite the International Monetary Fund’s $3.0 billion bailout following the country’s 2022 debt default.

Though the Bank of Ghana has been intervening in the spot market, the cedi’s performance has been wobbling, raising concerns about the outlook of inflation.

If the cedi continues to depreciate against the dollar and the other major foreign currencies, the present disinflation process could reverse and that would impact on the real sector of the economy.