Ghana’s currency the Cedi has suffered a record fall against the U.S dollar and other major foreign currencies.
Bloomberg reports that the slump has significantly affected Ghana’s bonds offered to international investors.
The cedi has depreciated by 8.6 percent this year which represents the highest among over 140 currencies tracked by financial experts.
On Friday alone the cedi lost value as much as 0.5 percent, the weakest loss in a day in years.
According to Bloomberg foreign investors bought just 6.3 percent of out of the $391 million of two-year and longer-dated maturities sold by the government this year.
The details of the fall in the issued bond was provided by the Central Securities Depository Ghana Ltd.
The depreciation of the Cedi is a major issue in Ghana. It was a campaign issue in the 2016 elections with the current government promising to fix it.
But finding a solution to the problem seems daunting with the country’s manufacturing sector inactive.
When the Cedi falls against the dollar it affects prices of commodities and general trading in Ghana.
Reactions from Ghanaians
There have been reactions from Ghanaians on the fall of the cedi on social media.
#JohnMahama our fine girls are now playing too sure …..
Because the Dollar is swallowing the CEDI’s .
Lol pic.twitter.com/vdbEHggMiT— Nungua Nicki Minaj❤ (@Brooks_Minaj1) February 22, 2019
Chale Chale Chale can we discuss the unhealthy relationship between the dollar and our cedi?
What is this?
— chelsea 0:2 MANCHESTER UNITED (@thenanaaba) February 20, 2019
What is going on with the Ghanaian CEDI?. It is just sliding against all major currencies. Where are the managers?
— Franklin CUDJOE (@lordcudjoe) February 20, 2019
If we no fix the cedi by December we go suffer ankasa. Diaspora squad go use 10 pounds buy the whole Osu.
— baron (@Afadjato) February 20, 2019
Urgently needed:Normalization Committee for the Ghana Cedi.
— Felix Kwakye Ofosu (@FelixKwakyeOfo1) February 13, 2019
So @MBawumia is telling us he no longer speaks on the #Ghana #Cedi? pic.twitter.com/A52MSntVWv
— Ricword ?????? (@ricword4u) February 22, 2019
I’m even surprised about that two heads stuff…the Ghana cedi is having 6 heads on it and the dollar is having only one head buh still we are not better?? pic.twitter.com/N4vNO4Gll1
— SOBOLO n3 PIE???? (@Cwesi419) February 19, 2019
The #Ghana Cedi is depreciating like a breast with no confidence?? hmmm..God help us all
— Original Teabread?? (@kwesi_remedy) February 22, 2019
Source: Africafeeds.com
