Cedi Depreciation: Local Currency Falls Further As $1 Now Selling At GH¢14.90 At Forex Bureaus

• The cedi’s woes have deepened after finance minister Ken Ofori-Atta appeared before the committee hearing a motion of censure filed by the Minority against him
• The cedi has fallen against the dollar and other trading currencies marginally on Monday, November 21, 2022
• Now $1 is selling close to GH¢15, while £1 is selling for GH¢15.6297 and being bought for GH¢15.6128

The cedi’s depreciation against the dollar and other trading currencies has intensified days after finance minister Ken Ofori-Atta appeared before the committee hearing a motion of censure against him.

The minister appeared before the bi-partisan parliamentary committee on Friday, November 18, 2022, to defend his management of the economy.

The Minority caucus says Ofori-Atta’s borrowings have been reckless and have contributed to the debilitating economic challenges characterised by high inflation and a constantly falling local currency.

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At the time he appeared the Ghana cedi was holding up against the dollar precariously and selling at GH¢14.80 to $1 at forex bureaus. The interbank rates released by the Bank of Ghana (BoG) was GH¢13.08 to $1.

However as at Monday, November 21, 2022, the Ghana cedi has fallen further, albeit marginally. The local currency is selling at GH¢ 14.90 to one dollar and being bought at GH¢14.50 to the dollar at forex bureaus.

The Ghana cedi has also fallen marginally against the British Pound Sterling.

Last week, £1 sold for GH¢15.4462 and bought GH¢15.4216 at the forex market. However, on Monday, November 21, 2022, there has been a slight depreciation in the cedi’s value.

Now £1 is worth GH¢15.6297 (selling) and GH¢15.6128 (buying).

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Some economists have said anytime the embattled finance minister speaks, the market reacts and usually negative.

After the finance minister appeared before the committee on Friday, respected economist professor John Gatsi predicted that the market will react. He told Joy News that he expects significant reaction from the forex market in the ensuing days. He, however, did not specify if the reaction would be positive or negative.

Below are the various rates quoted by forex bureau in Accra

Cedi Becomes Worst Performing Currency In The World Against Dollar According To Bloomberg

Meanwhile, YEN.com.gh has reported in a separate story that the Ghana cedi has been tracked among 148 currencies globally and declared as the worst performing currency against the dollar.

According to Bloomberg, the Ghana cedi switched places with the Sri Lankan rupee in October 2022, after losing 3.3% of its value to the US dollar.

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The cedi is currently trading at GH¢11.2750 to the US$1 on the interbank market.

Source: YEN.com.gh