The Ghana Cedi has suffered yet another significant loss against the US dollar.
The recent decline brings the US dollar close to GH14.
The Cedi is losing value faster than the euro and pound, according to Joy Business. It is now selling for approximately 14.05 pounds and 12.10 euros.
Leading currency exchanges in Ghana’s capital, Accra, indicate a serious shortage of US dollars.
Once again, a small number of banks lack the money required for currency exchanges and other related transactions.
Nigerian banks with operations in Ghana reported that the cedi’s wild fall against the dollar has resulted in dollar hoarding, increasing demand for the US “greenback.”
Most forex bureaus offered the local currency for between 12.50 and 12.95 to the dollar yesterday, October 19, 2022.
Some traders have already criticized the cedi’s free fall, claiming that their costs of doing business have been growing week after week.