The Great One Column
Cedi getting Weaker
I can recall when the cedi was about to redenominated. I heard from several friends, relatives and even Ghanaian media was proclaiming the new Ghana cedi was stronger than the dollar.at the time t was the most absurd thing I have ever heard. If the most educated ones in Ghana can be misinformed about the redenomination than what about the common man.the government of Ghana tried their best to educate the people about the process but they did all this wrong. At the time of the process $1 equaled 9,200 Ghana cedi. But bank of ghana bench mark 10,000 cedi to 1 GHC. In a sense they were jumping the market price from 9,200 to 10,000.which intend made bog manipulate the currency. Bog devalued the currency. As it stands four years after all this, the cedi keeps getting weaker. The going rate is $1 equal 1.60. So relatively to the old currency, $1, is 1600. In a 4yr period the cedi has weaken 80%.even though other currency are weaken.until gov't of ghana fix their monetary and fiscal policy..the cedi will continue to decline and cause hardship on Ghanaians
