Dollar hits four cedis

The dollar is now selling a little over 4 Ghana cedis at some of the big banks in the country.

Checks by JOYBUSINESS indicate that some of the commercial banks have been selling a dollar at around 4 Ghana cedis, 01 pesewas since Tuesday.

Some of the forex bureaus as at last week were even selling a dollar for a little more than 4 Ghana cedis.

Barclays and Standard Chartered Bank had earlier predicted that, the Ghana cedis will cross the 4 cedi mark before the end of this year.

Currency analyst Derick Mensah says the situation calls for some drastic measures by government to halt the local currency’s depreciation.

"It can turn worse looking the numbers that came through from our last MPC meeting you will realise that the reserve position at the Central Bank is not strong enough.

He said government can also raise euro bonds to boost the local currency.

Government earlier this year indicated that, the first tranche of IMF bail-out funds, which hit bank of Ghana’s account in April should help halt the cedi’s depreciation.

However that did not happen even though the rate of the cedi’s depreciation halted a bit staying around 3 Ghana cedis 85 pesewas.




Source: GhanaWeb

This is crazy, one dollar for 4 cedis? OMG, we don die ooohhh...
That's gonna make phone prices and others move up in no time.... God help us ooohh

Hmm i really dont know what to say... our economy is jux dying rapidly... i tot Joing IMF could make tins stable but i guess we were wrong... only corruption is wat our leaders enjoys.... $1 for ¢4 man..dat is crazy...by December we will have ¢5 by means

eii dollar for 4 cedis? the Americans coming to Ghana will enjoy papa

Seriously.. This rise in the Dollar is really going to affect a lot of traders here in Ghana who order stuff from outside.... And its really going to benefit others as well especially those Americans who come down here for their business purposes.... This shows the extent to which our economy has become poor....

The earlier the government works behind the clock to stabilize the GHS, the better for we ghanaians in an effort to sustain our businesses in order to promote a good standard of living.... Otherwise, if the cedi continues to depreciate at this alarming rate, people will struggle to sustain their livelyhoods and hence things will continue to get worse.... The earlier the better ooo... hmmmm