US$1 hits GH¢12.10 as Cedi depreciation continues unabated

The Ghana cedi has been under pressure in the past few days as it hit GH¢11 to a dollar on October 8, 2022. Checks by GhanaWeb Business at some forex bureaus on October 14, 2022, have shown that a dollar is selling at GH¢12.10. The rate at which the cedi is depreciating has been a great source of worry for many including traders as they complain about the dwindling of their capital. The UK Pound is however selling at GH¢13.00 while the Euro sells at GH¢11.20. Meanwhile, traders in the Ashanti Region locked their shops in protest of the cedi’s depreciation and the rising cost of living in the country. It is however not known when the cedi will stabilize but it is expected that the $1.2 billion Cocoa Syndicated Loan will arrive in the country soon. Watch the latest episode of BizTech below: SSD/FNOQ