Tuesday, October 8, 2024

Ghana’s Cedi suffers a record fall in value

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Isaac Kaledzi
Isaac Kaledzihttps://en.wikipedia.org/wiki/Isaac_Kaledzi
Isaac Kaledzi is an experienced and award winning journalist from Ghana. He has worked for several media brands both in Ghana and on the International scene. Isaac Kaledzi is currently serving as an African Correspondent for DW.

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.

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The details of the fall in the issued bond was provided by the Central Securities Depository Ghana Ltd.

Ghana's cedi weakens to a record versus the dollar

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.

 

 

Source: Africafeeds.com

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