The Ghana cedi has hit the ¢10 mark as it traded at ¢10.01 in the retail market yesterday August 15th, 2022. At the same time, the cedi went from ¢10 to a euro. The cedi’s situation has become a major worry to businesses and household consumers, as its continuous depreciation is expected to be halted by the recent measures announced by the Bank of Ghana and the expected $750 million syndicated loan.
The Bank of Ghana had introduced measures including working collaboratively with the mining firms, international oil companies, and their bankers to purchase all foreign exchange arising from the voluntary repatriation of export proceeds from mining, and oil and gas companies. This it believes will strengthen the central bank’s foreign exchange auctions, and consequently the cedi.
The inflows of the expected $750 million syndicated loan may also halt the rapid fall of the cedi in the short term. Dollar shortage hits forex market, cedi depreciation nears ¢10 mark a few days ago, Joy Business reported a dollar shortage in the forex market as the rate of depreciation of the Ghana cedi neared GH¢10 to one US dollar.
This comes after Some Senior Relationship Managers and Treasurers confirmed the scarcity of the US dollar, adding, “the situation is bad and could get worse by the end of the week if the authorities including the Bank of Ghana do not intervene”.
