The dollar has reached the ¢11-to- $1 mark, with some forex bureaus in Accra selling a dollar for an average of ¢11.2 on Saturday, October 8, 2022.
According to Joy Business checks, demand for the dollar continues to rise, despite the fact that there are extremely few dollars in circulation.
According to certain forex bureau operators who talked to Joy Business on the condition of anonymity, the Bank of Ghana‘s recent action has generated little return.
They claim that there are no dollars in circulation.
However, they expect that the $1.13 billion cocoa syndicated loan would help enhance supplies and limit the rate of currency depreciation. The first tranche is scheduled to be delivered by the end of this month.
Read Also: Kenyan socialite reverses butt enhancement and warns others
On Friday, October 7, 2022, the Bank of Ghana priced the dollar at 9.63 (selling) on the interbank market.
Meanwhile, the cedi is underperforming versus the Pound and Euro.
It is now trading at ¢12.50 to the pound and ¢10.57 to the euro.
According to analysts, the local unit continues to suffer severe losses on the interbank market as relentless foreign exchange demand weighs down the cedi against the dollar.
Demand exceeded supply by last BoG Forex Forward Auctioning
In the most recent Forex Forward auction, demand outpaced supply by $75.25 million, according to the Bank of Ghana.
This compares to a month ago’s figure of $82.75 million.
Cedi loses 40% in value to the dollar – Bloomberg
According to Bloomberg, the Ghana cedi would depreciate by 40.05% against the US dollar in the first nine months of 2022.
According to Bloomberg, this made it the world’s second worst-performing currency, ranking 147th.
Furthermore, the local currency’s depreciation versus the US dollar is the worst in over three decades.
Cedi loses 37.5% in value to a dollar as of September 30, 2022 – BoG
However, according to the Bank of Ghana, the Ghana cedi has devalued by 37.5% against the US dollar as of September 30, 2022.
At the same period, the cedi had fallen by 24.1% and 27.5% versus the Pound and Euro, respectively.
SOURCE: myjoyonline
