Cedi depreciates 1.7% to dollar in almost 9-months of 2021 – BoG
The Ghana cedi has depreciated by 1.7% to the US dollar in the first nine months which will end next Thursday September 30th, 2021, according to data from the Bank of Ghana.
The Central Bank pegged the rate of the cedi to the dollar at ¢5.86, though it is trading above ¢6.10 on the interbank forex market.
However, the rate of depreciation of the cedi indicates that the local currency will stay within research institutions and analysts forecast for this year, more especially when the first tranche of the $1.5 billion Cocoa Syndication Loan will hit the Central Bank’s account by the first week of October 2021.
This is expected to boost the supply of the American “greenback” and thereby reduce the pressure on the local currency.
Prior to the recent pressures on the cedi, the Ghanaian local currency had shown impressive run since the beginning of the year till July 2021. This was due to the repatriation of dividend by some…
