The depreciation of the Ghanaian Cedi against the US dollar has continued relentlessly to the utter dismay of the vice president, Mahamudu Bawumia, and President Nana Akuffo Addo.
A dollar is now equivalent to 11.62 cedis in the retail market. This equals to a depreciation of almost 6% from the 7th of October, 2022. From the start of January to October this year, the Ghana Cedi has lost more than 40% of its value to the dollar and this has had a negative impact on the country’s inflation.
The depreciation of the cedi against the dollar seems to be worsening at an alarming rate with the passage of each day. According to analysts, the only solution that could save the situation now is an intervention from the IMF.
The cost of living and prices of goods have all gone up. According to the citizenry, one cannot even use 10cedis to eat for a single day due to the high cost of living.
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