Euro Hits GH¢4
Despite moves by the Bank of Ghana to save the cedi from further fall, it appears the local currency is still struggling to keep its head above water.
The Euro yesterday morning hit GH¢4 after rallying between GH¢3.80 and GH¢3.90 for some weeks now.
Last week, it started the week at GH¢3.88, hitting GH¢3.89 mid week and GH¢3.92 by close of the week.
The Euro is not the only major foreign currency that the cedi is struggling to keep up with.
Forex analysts fear the dollar and Pound Sterling may also hit GH¢3 and GH¢5 respectively soon, if the current trends continue.
The dollar is now at about GH¢2.88 while the British Pound is at GH¢4.83 at local forex bureaus in the country.
Last week the dollar closed at GH¢2.84 while the British Pound sterling closed at GH¢4.74.
This year alone the cedi has depreciated by 18 percent against the dollar, according to figures released by the Bank of Ghana at its last Monetary Policy Committee (MPC) meeting.
In February this year, the Bank of Ghana introduced new and revised rules to save the cedi from further fall.
According to the bank, it will review the rules next month.
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