Since the beginning of the year, the Ghanaian cedi has fallen by a staggering 64.45% against the US dollar.
The USD/GHS exchange rate was around 9.9495 at the time when this article was written. Despite Ghana’s central bank raising its interest rate to a record high of 22% in an effort to reduce inflation and strengthen the Cedi, the currency has depreciated.
Concerns about the effects of a worldwide slowdown in demand for commodities like cocoa have led investors to sell the cedi and the country’s bonds this year. These changes fueled a spike in inflation and forced Ghana to start negotiations with the IMF in July for a $3 billion rescue package. The Ghanaian cedi has fallen dramatically by 64.45% in comparison to the US dollar.
The USD/GHS exchange rate was around 9.9495 at the time when this article was written. Despite Ghana’s central bank raising its interest rate to a record high of 22% in an effort to reduce inflation and strengthen the Cedi, the currency has depreciated.
Concerns about the effects of a worldwide slowdown in demand for commodities like cocoa have led investors to dump the cedi and the country’s bonds this year. These changes fueled a spike in inflation and forced Ghana to start negotiations with the IMF in July for a $3 billion rescue package.
