Another Free-Fall? Ghana Cedi Starts Bleeding Again

Just a month into the year, the Ghana cedi has started showing early signs of depreciating against the major currencies.

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The Ghana Cedi appears to be coming under some pressure again. This has seen the local currency go down marginally. As at December last year, one needed 3 Ghana cedis 1 pesewa to get a dollar from the Forex Bureau, but it is now 3 Ghana cedis 4 pesewas to a dollar.

Some economic analysts said the Ghana cedi could depreciate to about GH¢4.20 by the end of the year if measures are not put in place to curb the situation.

The cedi in the first nine months of 2014 slumped almost around 37%.

The slowdown of the cedi’s depreciation in the last quarter of 2014 has triggered debate among politicians which 2012 presidential candidate of the NPP, Dr Mahamadu Bawumia predicted a further depreciation of the cedi against major trading currencies in the coming days if the current economic conditions in the country continuous.

Some economists have also cautioned government to be proactive to be able to put all these scenarios into consideration and do a better prediction of how the currency is going to be.

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