The Ghana cedi has hit the ¢10 mark as it traded at ¢10.01 in the retail market yesterday August 18th, 2022.
At the same time, the cedi went for ¢10 to a euro.
The cedi’s situation has become a major worry to businesses and household consumers, as its continuous depreciation is expected to be halted by the recent measures announced by the Bank of Ghana and the expected $750 million syndicated loan.
The Bank of Ghana had introduced measures including working collaboratively with the mining firms, international oil companies, and their bankers to purchase all foreign exchange arising from the voluntary repatriation of export proceeds from mining, and oil and gas companies. This it believes will strengthen the central bank’s foreign exchange auctions, and consequently the cedi.
The inflows of the expected $750 million syndicated loan may also halt the rapid fall of the cedi in the short term.
Dollar shortage hits forex market, cedi depreciation nears ¢10 mark
Few days ago, Joy Business reported dollar shortage in the forex market as the rate of depreciation of the Ghana cedi neared GH¢10 to one US dollar.
This comes after Some Senior Relationship Managers and Treasurers confirmed the scarcity of the US dollar, adding, “the situation is bad and could get worse by the end of the week if the authorities including the Bank of Ghana do not intervene”.
Latest Stories
-
Mahama orders military to secure Bolga-Bawku-Pulmakom road
5 minutes -
Nigerian President Tinubu’s pardon of ‘Ogoni Nine’ draws ethnic group’s rejection
17 minutes -
Senior Kenyan policeman arrested over death of blogger in custody
28 minutes -
Egypt deports dozens more foreign nationals heading for march to Gaza
41 minutes -
Egypt halts fertiliser production as Israeli gas disruptions deepen energy strain
59 minutes -
Mali hopes Russia partnership will help end raw gold exports
1 hour -
WHO warns of spread of cholera outbreak from Sudan to Chad refugee camps
1 hour -
Tunisia sentences prominent opposition figure Abir Moussi to two years in prison
2 hours -
Half of December shows in Ghana by your favourite artistes were all free – Ruddy Kwakye
2 hours -
My dad gave me a kidney – now I can have my dream wedding
2 hours -
Prince and Princess of Wales share new photos for Father’s Day
2 hours -
Two killed after bridge collapses in India
2 hours -
Fifa Club World Cup: PSG thump 10-man Atletico Madrid for perfect start
2 hours -
Italy name World Cup winner Gattuso as manager
3 hours -
Air India plane crash death toll rises to 270
3 hours