Cedi Depreciates Further

The Ghana cedi fell further this week, opening Monday at a nominal rate of 6,506 to the dollar, from 6,358 units to the greenback last week.

However, the South African rand has held out against all odds, appreciating marginally to exchange at 7.22 to the dollar Monday, from 7.29 to the greenback, a week ago.

Elsewhere, the CFA franc also made considerable gains, opening at the nominal rate of 744.50 to the dollar, from 766 last week.

In Dakar on Tuesday, the currency exchanged at 727 (buying) and 762 (Selling) for one greenback, up from 749 (buying)and 784 (selling) to the dollar last week.

Other currencies that lost considerable ground against the dollar during the period include the Malawi kwacha (from 69.00 to 72.00) the Uganda shilling (from 1,790 to 1,807), Sierra Leone Leone (from 2,160 to 2,225) and the Zambia Kwacha (from 3,315 to 3,345) to the dollar.