Ghana Cedi In Need Of Rescue Plan

DAKAR, Senegal (PANA) - The Ghana cedi has continued to depreciate in spite of efforts by the Accra government to shore up the local currency, which opened Tuesday at the nominal rate of 5,900 to the dollar, from 5,800 previously.

The cedi was at its worst when it crossed the 6,000 mark in June prompting a rescue plan, which elevated its value considerably, before it started to slip again.

Reports say authorities are considering a major rescue plan that would probably involve the International Monetary Fund. In March 1995, one US dollar fetched 1,000 cedis.

In the franc zone, the CFA began the week relatively stable, opening Tuesday at the nominal rate of 699 to the dollar, from 698.50 to the greenback on the same day last week.

In Dakar on Tuesday, the currency exchanged at 691 (buying) and 707 selling from 681 (buying) and 716 (selling) to the dollar a week ago.