Dollar Breaks GH¢11 Mark; Demand Keeps Surging By The Day
- The United States dollar has broken the GH¢11 mark at some forex bureaus in the capital city, Accra
- This has been attributed to a surge in demand for the dollar with very little in circulation
- The local currency, which has been ranked the second-worst performing currency globally, also lost ground against the major trading currencies
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Arguably the world's biggest trading currency, the United States dollar, has broken the GH¢11 mark.
According to Accra-based Joy Business, the dollar now trades at GH¢11.2 at some forex bureaus in parts of the capital, Accra.
Cedi-Dollar depreciation attributed to surge in demand for dollars
This has been attributed to a surge in demand as there is very little of the dollar in circulation.
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The cedi is said not to be faring well against the Pound and Euro.
It now trades for GH¢12.5 to 1 Pound and GH¢10.57 to 1 Euro, respectively.
The slump of the cedi comes at a time Bloomberg has ranked it as the second-worst performing currency in the world and the worst currency in Africa.
Over the last few weeks, the cedi-dollar depreciation has intensified due to the worsening conditions in the Ghanaian economy.
BoG clamps down on black market and illegal forex bureau operators to stem cedi-dollar depreciation
As an interim measure, the Bank of Ghana introduced some measures, including a clamp down on the black market and illegal forex bureau operators.
But that move has yielded little return as the cedi's slump against the dollar and other major trading currencies continues unabated.
Government officials are, however, optimistic that the $1.13 billion cocoa-syndicated loan will help stem the tide, improve supply and slow down the cedi's depreciation rate.
Cedi Depreciation: We’re Expecting More Loans To Stem Tide – Kojo Oppong Nkrumah
Earlier, YEN.com.gh reported that the Akufo-Addo-led government had hinted at borrowing from the international market as it races against time to address the cedi-dollar depreciation.
According to the Minister of Information, Kojo Oppong Nkrumah, some dollars will, in the coming days, be pumped into the Ghanaian economy to halt the sharp depreciation of the local currency.
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