The Ghana Cedi has hit the 15 percent depreciation against the US Dollar since January 1 this year. That�s according to Ecobank Research tracking of 22 currencies on the African continent.
It is still the worst performing currency in West Africa. High inflationary expectation, in addition to investors� growing concerns over the local currency�s short term outlook undermined its performance.
It is still believe that the Cedi is under pressure from both large fiscal and current account deficits despite its relative stability in the last three weeks.
�Although the BoG has reinforced exchange rate policy, which has added to positive effect of USD1bn in Eurobond funds in July and recent USD1.2bn 2013/14 COCOBOD loan agreement. However, Ghana Cedi remains under pressure from large fiscal and current account deficits�, the research analysis stated.
You will currently need about 2 Ghana Cedis 6 pesewas to buy a US Dollar on the forex market
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