Cedi free fall hits GH¢13.65 to $1 mark

The woes of the Ghana Cedi against the US Dollar continue unabated as the currency has hit GH¢13.65 to the $1 mark. The development represents a new but rather concerning low for the currency which has been ranked as the worst-performing currency in the world against the US dollar, overtaking the Sri Lanka Rupee. Checks by GhanaWeb Business at some forex bureaus in Accra show that the cedi is selling at GH¢13.65 to $1 as of October 20 while the Bank of Ghana is selling at a rate of GH¢11.31 as of October 19. According to AfriSwap, the UK Pound is selling at GH¢14.50 while the Euro is going for GH¢12.40 as of October 20, 2022. The development is likely to exert further pressure on the economy with many citizens already grappling with soaring inflation pressures, high cost of living, fuel prices and tariff hikes. among others. In the past few weeks, the cedi has been experiencing a persistent decline against the dollar - a move which has forced the Ghana Union of Traders' Associations to close down their shops from October 19, 2022. Meanwhile, government has commenced negotiations with the International Monetary Fund in hopes of securing an economic support programme aimed at restoring macroeconomic stability. MA/FNOQ Watch the latest episode of BizTech below: