The Ghana Cedi has declined against the US dollar. It has almost hit GH¢5 marked per dollar.
It is only two pesewas away from hitting GH¢5 comparing it to a dollar.
The exchange rate is currently GH¢4.98 against the dollar. This, is what some major commercial banks in the country has revealed to the public.
According to reports, the hike is due to the pick-up of the dollar by businesses seeking dollars to finance their imports.
Some analysts have also argued that the continuous rise of the cedi against the dollar is because of the some offshore investors have reduced their interest in purchasing the country’s bond.
Also, the challenge with the cedi again is seen as a problem of more of supply issue, meaning that if there is enough supply, the situation could be under control.
During the month of October and November, the cedi experienced some stability but has again experience another hike.
The bank of Ghana had said, things are being put in place to reduce the current hike of the cedi against the dollar.
Meanwhile, the Vice President of the country, Dr. Bawumia has said that the government is doing its best to stabilise the Cedi.
He therefore has assured Ghanaians to stay focus and not to panic due to the hike.