The Ghana cedi has depreciated again after closing last week with a small gain.
The cedi opened at ¢13.95 to one US dollar in the retail or currency market this morning, November 7, 2022.
However, it has since fallen in value to ¢14.20 to one American ‘greenback,’ according to the average price from the forex bureaus.
According to the Bank of Ghana, it is now trading at ¢13.014 on the interbank market.
The same can be said for the pound and euro, both of which have gained ground against the cedi. They’re asking ¢15.60 and ¢13.60, respectively.
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The cedi is selling at ¢14.703 and ¢12.89 to the pound and euro, respectively, on the Bank of Ghana‘s interbank market.
Some observers predicted that the cedi’s performance would sustain for a few weeks.
However, given the current currency rate, this may not be the case. However, it is too early to declare that the cedi will not establish stability against the US dollar.
Last week, it gained 1.07% and 3.36% in value against the dollar and the pound, respectively.
After a week of persistent loss, the Ghana cedi gained 1.07% in the retail market against the US dollar.
It also rose 3.36% week on week against the pound but fell 1.83% against the euro.
SOURCE: myjoyonline
