One Ghana cedi against the dollar is now selling at GH¢14.50

The value of the Ghana cedi has suffered another massive depreciation against the major trading currencies especially the dollar.

The current depreciation moves a dollar to GH¢14.50.

The cedi is suffering from the major trading currencies as it falls further on Thursday, October 20, 2022.

Currently, forex bureaux are selling $1 for GH¢14.50, prompting fears that very soon it will hit GH¢20 before the year ends.

On October 8, 2022, forex bureaus began selling the Ghana cedi to the dollar at ¢11.2 to $1 on the retail market and the depreciation keeps soaring daily.

The daily depreciation means that the cost of operations of businesses, particularly manufacturing, will go up and consequently trigger increases in prices of some goods on the market, and for that matter inflation.

READ MORE: Over 70 'Black Market' dealers busted in quest to arrest cedi depreciation

Reports by Joy Business at the forex bureaus indicated a lack of dollar shortage in the market.

Some operators of the forex bureau said the recent action by the Bank of Ghana has yielded little return.

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