Cedi hits GHC4 to a dollar

quist 09:33 - 09 September 2015

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This morning the currency has taken a sharp tumble, losing over 19 pesewas against the dollar to hit GHC4 to a dollar.

The local currency, the Ghana Cedi has hit GHC4 against the dollarthis morning after appreciating against the major currency for some days now.

The local currency gained 2 peswas against the the Euro selling at GHC 4.14, 1 pesewa against the dollar at a GHC3.71a nd 3 peswas against the British Pound GHC5.66 consistently over the week.

However, this morning the currency has taken a sharp tumble, losing over 19 pesewas against the dollar to hit GHC4 to a dollar.

The British pound also gained 33 pesewas selling at GHC6.19 the Euro is by 22 pesewas selling at GHC 4.52 AND against the dollar 19 4.5 pesewas. The South African Rand is also up by 9 pesewas and is selling at 29 pesewas.

Meanwhile, pressure continues to mount on the Bank of Ghana to take a stronger decision on stemming the slide of the Cedi, amid skepticism over whether the bank is keeping up to the promise of injecting 20 million dollars into the economy to even out demand supply for the dollar.

The local currency has depreciated at a rate of over 30 per cent in the course of 2015. Stakeholders in the commercial sector have complained incessantly about the volatilities in the performance of the currency, which according to them has made it difficult to plan.