Cedi Depreciates To GH¢14.2 To $1 After Recent Gains; Fuel Prices To Increase Further

• The cedi has started the week on a poor showing after fighting to keep up with the dollar last week
• The cedi has depreciated against the dollar significantly, selling at GH¢14.2 to $1 on the retail/forex market
• The local currency has also depreciated significantly against the Euro and the Pound

After holding up the American greenback last week, the Ghana cedi started on Monday, November 7, with a poor showing.

Forex bureaus are quoting GH¢14.2 to $1 after initially quoting GH¢13.95 to the dollar. This means that hours after trading opened on Monday, the cedi lost about 25 pesewas to the dollar.

Interbank rates released by the bank of Ghana show that the cedi is selling at GH¢13.014 to $1.

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It is not only the dollar that the cedi is struggling to keep up with. The cedi lost significantly to the Pounds Sterling and Euro.

Now £1 is selling for GH¢15.60 on the interbank market and a little over GH¢16 cedis on the forex market.

Also, the €1 is selling for GH¢13.60 on the interbank market and about GH¢14.22 on the retail market.

The development comes two days after vice president Dr Mahammudu Bawumia was booed at a public event in the Volta Region.

The vice president was hooted at on Saturday, November 5, 2022, at the Hogbetsotso festival by indigenes of Anlo after he tried to outline the achievements of the Nana Akufo-Addo administration.

Regarded as an economics wizard, the vice president once boasted that the economic management team that he heads has arrested the dollar and locked it up, a symbol that the cedi’s depreciation has been tamed.

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“Don’t forget we once gave Ghana a strong economy” – Bawumia begs amid backlash

COPEC, IES Cite Cedi Fall For Difficult Days Ahead For The Local Petroleum Market

Meanwhile, YEN.com.gh reported in a previous story that fuel prices will keep rising due to the cedi's constant depreciation against the dollar.

According to energy think tanks, IES and COPEC-GH, the cedi depreciation would also increase the price of petrol and diesel.

Fuel prices in Ghana have been rising steadily since the start of the year.

Source: YEN.com.gh