Ghana Cedi hits GHC4.20 to a dollar today

The local currency has continued its downward slide against the major currencies over the past two days, pushing the Ghana Cedi past GHC4 against the dollar.

Below is the thorough breakdown:

On Tuesday, the Euro gained 3p and sold at GHC4.30p, the British Pound also gained 3p and sold at GHC5.85, and the South African Rand gained1p, to sell at 28p, and the Chinese Yuan, sold at 59p recording no price gain. The U.S Dollar gained 3p against the Ghana Cedi to exchange at GHC3.80

On Wednesday however, the Ghana Cedi has fallen by 15p against the Euro, exchanging at GHC4 .77, it also fell by 21p against the British Pound, exchanging at GHC6 49. Against the U.S Dollar the Ghana Cedi fell by 14p, bringing the exchange rate to GHC 4.20, the S.A Rand gained a pesewa to sell at 31p.

Meanwhile conversations continue on the best way to stem the slide of the local currency, with a lot of anticipation that its performance may worsen in the last quarter of the year when demand for dollars will skyrocket do to import activities for the festive season, as well repatriation of profits and dividends by multinational companies.