- The Ghanaian cedi is still taking a major beating from the major trading currencies in the world as it falls further on Friday, October 7, 2022
- Currently, forex bureaux in Accra are selling $1 for GH¢10.98, prompting fears that very soon it will cross the GH¢11 mark and even beyond
- The free fall of the local currency has been blamed for some of the country's economic challenges, including the high inflation rate and rising fuel prices
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The woes of the Ghanaian cedi, which has lost much ground against major trading currencies worldwide, don't seem to be waning anytime soon.
Since the beginning of the year, the local currency has taken a strong beating from international currencies, especially the US dollar.
Bloomberg ranks Ghana's cedi second-worst performing currency in the world; worst on African continent
The cedi's depreciation to the dollar has intensified over the last few days inching closer to the GH¢11 mark.
Forex bureaux in the capital city Accra and other regional capitals sampled by GhanaWeb revealed that Ghana Cedi is trading against the dollar at a buying rate of GH¢10.75 and sold at a rate of GH¢10.98.
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This has prompted fears that the cedi's free fall won't end anytime soon.
See how the other currencies are performing against the cedi at the forex bureaux:
British Pound Sterling and cedi
Buying: £1 = GH¢11.90
Selling: £1 = GH¢12.25
Euro and cedi
Buying: €1 = GH¢10.40
Selling: €1 = GH¢10.67
Rand and cedi
Buying: R1 = GH¢0.45
Selling: R1 = GH¢0.80
Statistics indicate that the cedi has lost almost 21% of its value to the US dollar in the last three months.
Cedi Slumps To Three-Decade Record Low Against US Dollar; Ranked Second-Worst Performing Currency In The World
Earlier, YEN.com.gh reported that the local cedi has been ranked the second-worst performing currency globally after it lost 40% of its value to the US dollar.
According to Bloomberg, in just nine months of 2022, the cedi's value had dipped, making it the 147th worst currency worldwide.
This massive decline of the cedi against the American currency makes it the worst in over three decades.
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