Cedi Weakens Further, Crosses GH¢11 to the Dollar After Weeks of Depreciation
The Ghanaian cedi has slipped past GH¢11 to the US dollar, extending its downward trend over the past few weeks.
Market reports indicate that demand for the dollar has surged, largely driven by importers and businesses seeking foreign exchange for transactions. This heightened pressure has fueled the cedi’s depreciation on both the interbank and forex bureau markets.
Analysts say the continuous fall of the local currency is linked to low foreign exchange inflows, delayed external support, and persistent demand for the US dollar. The development has raised concerns among businesses and consumers, with many warning that prolonged depreciation could trigger further price hikes in goods and services.
The Bank of Ghana is expected to step up interventions in the forex market to stabilize the cedi in the coming weeks.
Source: My News Ghana
