Ghana Cedi hits ¢5.01 to US dollar

Joy Business News reports that the depreciation of the cedi is as a result of a sudden high demand for dollars.

Businesses in the country are increasingly going in for the American dollar to finance their imports.

The Cedi ended 2018 trading at ¢4.80 but has further lost grounds against the US dollar since the turn of the year.

It, therefore, remains to be seen if demand would again outwit supply for the cedi to depreciate further in the coming weeks or the Central Bank would increase supply for the local currency.

This comes after the cedi depreciated against the dollar by more than 10 per cent last year.