Ghana’s Cedi (GH ¢) has depreciated against the dollar and the pound sterling over the last two months. The dollar that traded against 4 cedis rose to 5.51 on 25 February.
In response, the Central Bank (BoG) has released several guidelines to regulate the foreign exchange market. Despite the fall in the Ghanaian currency, fundamentals remain strong with, in particular, a deficit falling from 9.3% to 3.9%, the lowest in ten years. Some analysts believe that the Central Bank must inject currencies into the market to regulate the exchange rate.
Speaking on the subject, on the sidelines of a meeting on February 27, President Nana Akufo-Addo said he was aware of the concern of the business community and the public about the recent depreciation of the Cedi. “I am extremely upset and anxious about this too. I want to make sure that every effort is made to stop the decline and restore the stability of the cedi in order to improve the competitiveness of the Ghanaian industry. Very soon, we will see the results of our policy “.
The decline of the cedi is part of a long trend. In 2009, 1000 Cedis were worth 840 dollars. Today, the same amount is worth only $ 227.
