Forex Rate: Ghs to further weaken against the Dollar
In an earlier prediction at the beginning of 2019, the local currency was expected to cross the Ghs5 mark for $1 by the end of
At the current rate of Ghs5.2/USD1 and no clear cut communication on the steps being taken to curb the depreciation, it seems the current trend has been caused by the natural demand for the Dollar. Such trends at the beginning of the year should have been normal, but the lack of a clear plan sets the Cedi’s depreciation on a downward spiral. The 10-yr average depreciation rate chalked 13% according to the August 2018 edition of the African Local Markets Monthly (ALMM) report by the Standard Bank. At the current rate the Cedi has to decline by 15% to get to Ghs6 and this seem to be the next mark by mid-year.
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