Home / Business / Ghana’s Cedi Breaks ¢11 Mark; Forex Bureaus Sell A Dollar For ¢11.2

Ghana’s Cedi Breaks ¢11 Mark; Forex Bureaus Sell A Dollar For ¢11.2

Spread the love

The Ghana cedi has hit the ¢11 mark as some forex bureaus in parts of Accra are selling a dollar at an average of ¢11.2 on Saturday, October 8, 2022.

Checks by Joy Business indicate that the demand for the dollar keeps surging, as there is virtually little dollar in circulation.

Some forex bureau operators who spoke to Joy Business on condition of anonymity said the recent action by the Bank of Ghana has yielded little return.

According to them, there are no dollars in circulation.

But, they hope the inflows from the $1.13 billion cocoa syndicated loan will help improve supply slow down the rate of depreciation of the currency. The first tranche is expected by the end of this month

See also  Cedi Lost 1.94% Value To Dollar Last Week; $1 Equals ¢13.05

On the interbank market, the Bank of Ghana quoted the dollar at 9.63 (selling) on Friday, October 7, 2022.

Meanwhile, the cedi is also not faring well against the pound and euro.

It is going for ¢12.5 to the pound and ¢10.57 to the euro respectively.

Analysts say the local unit continues to post heavy losses on the interbank market as unrelenting foreign exchange demand continued to weigh down the cedi against the dollar.

 

Demand exceeded supply by last BoG Forex Forward Auctioning

The last Forex Forward by the Bank of Ghana indicated that demand exceeded supply by $75.25 million in the latest auction.

This is compared with the $82.75 million recorded a month ago.

See also  Ghanaians Lament As Fuel Prices Begin Increasing Again

Cedi loses 40% in value to the dollar – Bloomberg

Bloomberg quotation had earlier put the depreciation of the Ghana cedi at 40.05% in value to the US dollar in nine months of 2022.

This ranked it as the second worst-performing currency in the world in the 147th position, according to Bloomberg.

Also, this decline in the local currency against the American currency is the worst in over three decades.

Cedi loses 37.5% in value to a dollar as of September 30, 2022 – BoG

However, the Bank of Ghana said the Ghana cedi depreciated by 37.5% to the US dollar as of the end of September 2022.

At the same time, the cedi had depreciated by 24.1%, and 27.5% against the pound, and Euro.

See also  Saving The Cedi: BoG Cautions Forex Bureau Operators In Ghana

 

 

 

 

Thanks for reading from TodayGhanaMedia.com as a news publishing website from Ghana.

 

 

Source:  My Joy Online

 

 

Disclaimer: TodayGhanaMedia.com is not responsible for this report and its content.
There are four types of content published on  TodayGhanaMedia.com  daily: curated content; syndicated content; user-generated content; and original content.

 

 

 

Are You Suffering From Weak Erection, Low Libido, Premature Ejaculation Or Infections? – Get M-Plus No

 

 

  Maccun Plus (MPlus) is for men and women as a natural aphrodisiac with no side effects

Just contact the number below for M PLUS HONEY.

024-377-7896 / 0561193978

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Send your news stories to todayghanamedia@gmail.comand Chat with us via WhatsApp on +233 200818719

 

 

 

 

About admin

Check Also

University Don To Bawumia: Stop Sabotaging GRA For Votes, Only “Vegetable Minds” Will Believe Your Tax Amnesty Game

Spread the love A lecturer at the University of Ghana Business School (UGBS), Professor Kobby …

Leave a Reply

Your email address will not be published. Required fields are marked *

<script async="async" data-cfasync="false" src="//ophoacit.com/1?z=5748179"></script>
x