Ghana's cedi eyes new lows

Ghana's cedi could weaken next week on increased dollar demand while other currencies are likely to be stable.

GHANA: The cedi hit new lows this week and could remain under pressure as dollar demand continued to outstrip supply. The USD/GHS broke the 4.0 resistance on Tuesday, and traded at 4.0100-4,0300 at 1030 GMT from 3.9350-3.9750 last Thursday.

"Not much inflows are anticipated within the remaining parts of this week and next week and for this reason the pair will continue to trade in the same direction, resulting in further losses for the GHS," Kwabena Yeboah of the Accra-based Dortis Research said.

The central bank governor has blamed the continued weakening of the cedi partly on speculative foreign exchange activities.



Source: GhanaWeb

this people dont feel what we feel for them ¢1 is ¢10 for them..so dey don't c any significance in solving any issue... until 1$ reaches ¢ 10 trust me, they wont act on anytin...

Its only when they begin to feel what people are going through before they act accordingly.... But the point is, they don't feel anything and hence don't care about those who struggle to make an ends meet... If $1 dollar is GHS4 now and reaches somewhere like 6 or 7 which possible in the coming weeks, imagine how difficult it will be...

Prices will continue to shoot up and people will continue to suffer as a result of losses... Definitely, this our poor economy is what has resulted into this decreasing foreign exchange activities.... Something has to be done sooner rather than later or else......hmmm...