The Ghana cedi continued its free fall, losing value twice within a day to sell at ¢14.50 to one US dollar.
This translated to 5.45% depreciation in a day and 17.5% in four days of the week.
It began the day at ¢13.75 to the American ‘greenback’ but declined in value further to ¢14.50, according to quotations by the forex bureaus.
In nominal terms, the cedi has lost about 135% value to the world’s most important currency.
In real terms, the local currency has depreciated by about 55% to the dollar.
The cedi also lost more ground to the pound and euro, despite the two currencies struggling to compete with the US dollar.
It is going for ¢16 to the pound and ¢13.3 to the euro.
Checks by Joy Business at the forex bureaus indicate a lack of dollar shortage in the market.
$1 sold for ¢13.75
The woes of the Ghana cedi continued as it depreciated further to about ¢13.75 to the US dollar in the morning of October 20, 2022, less than a day, after reaching ¢13 on October 19.
This is equivalent to about 12% depreciation in only four days of this week.