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The Ghana cedi has crossed the dreaded 5 ¢ threshold against the US dollar after the local currency continued to lose ground against the dollar in the past the week.
Why this challenge?
The cedi's woes had been influenced by the sudden demand for dollars from the country's companies to finance their imports.
The local currency that was trading around 4.80 ¢ about two weeks ago now has reached the range of 4.90 ¢ before closed, 5.1.
For a lot, the test now is whether the demand would be even worse supply for the cedi depreciate further in the coming weeks, otherwise the Central Bank would increase the supply of motto.
This, some beliefs could ease the pressure to allow the local currency to appreciate slightly and come back to the Range ¢ 4.
Cedis performance last year
By working with the figures released by the commercial banks, the Ghana cedi could have depreciated more than 10% against the US dollar. percent at the end of 2018.
End the misfortunes of the cedi
Some financial experts have argued that unless the The Bank of Ghana (BoG) is increasing provision dollars to meet the rise request, the local currency could depreciate further in the coming weeks.
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