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Business News of Wednesday, 14 December 2022

Source: www.ghanaweb.com

Cedi appreciation met with mixed reactions on social media

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File photo of Ghana cedis and dollar notes File photo of Ghana cedis and dollar notes

Since last week, the Ghana cedi has seen some significant rise against major foreign currencies, especially the dollar.

This means that the Ghana cedi has gained some stability against the dollar. At most forex bureaus, the dollar is currently being bought at GH¢11.10 and sold at GH¢10 for $1 as of December 14, 2022.

The dollar has also experienced some weakening in recent times with some reports attributing it to the cedi's strength lately.

The British Pound is being bought at GH¢13.50 and selling at GH¢14.50 while the Euro is being bought at GH¢11.30 and GH¢12.20.

This has generated volumes of interactions on social media. While some users are of the view that it is a nine-day wonder, others have applauded the government for the turnout of events.

Some users however want the appreciation to affect the prices of goods and services since those are the main drivers of inflation.

Below are some of the reactions:

Okatatkyie Afrifa on Facebook said "ECONOMICS IS NOT JUJU.
If you ask them what they have done to appreciate the DOLLAR, they can't even tell. Who doesn't know the CEDI is appreciating to the DOLLAR because there is no heavy demand on the dollar? After all traders have brought in Christmas goods already. Is it NOT true that people who came for Christmas have brought a lot of Dollars into the system?

Yes it is true the CEDI is doing well but it is also true that the managers themselves are even shocked at the overnight appreciation.
We should stop celebrating MEDIOCRITY as a people!!! #YP."