That's how much the Ghana cedi has depreciated remarkably in a year

Currently, the cedi is trading at 4.91 GHC for one dollar on the interbank foreign exchange market.

Some badysts have predicted that the cedi could have reached 5 cedis for a dollar during this period, but its depreciation has been remarkable.

Again, the demand for importers' dollars has increased over this period, but the relatively complementary supply of the currency has somewhat stabilized the situation.

Relatively, the currency remained stable in the last three months of last year and this month.

By the end of 2018, the cedi was trading at 4.82 GHC for one dollar.

According to some information, the interbank foreign exchange market has shown that the local currency has begun to lose ground against the dollar. It was between January 3 and 17, 2019. The currency depreciated by 1.65%.

This compares to a depreciation of one year on the other of 11%.

The cedi again recorded the largest depreciation against the pound sterling. It depreciated by 4.45%.

Reports indicate that the depreciation due to the impact of Brexit on the international money market where the pound sterling is gaining ground against the dollar.

The cedi is depreciated from 6.7 GHC at the beginning of the year to 6.34 GHC on Thursday 17 January 2019.

Meanwhile, the government has badured that it will do everything in its power to help depreciate the cedi considerably against the dollar in order to improve economic growth.

Ghana's COCOBOD has received about $ 600 million in the second tranche of the syndicated loan, which should help normalize the situation in the meantime.