The local currency has begun registering losses against major international currencies again, and some analysts believe it might hit GH¢5.00 to a dollar by the end of the year if the situation is not managed early.
Records from the market rate (forex bureaux) yesterday showed that while a dollar was selling at GH¢3.86 and buying at GH¢3.62, a pound was selling at GH¢5.69 and buying at GH¢5.32.
Also one Euro was selling at GH¢4.09 and buying at GH¢3.83 while one CFA was selling at GH¢0.006 and buying at GH¢0.006.
At the interbank level, a dollar was selling yesterday at GH¢3.60 and buying at GH¢3.59.
One British Pound was selling at GH¢5.29 and buying at GH¢5.28. One Euro was selling at GH¢3.83 and buying at GH¢3.82. The CFA was also selling at GH¢0.0058 and buying at the same price.
Importers would be compelled to double their prices in the face of the current development, and if the IMF deal does not come in handy, the situation could deteriorate.
The cedi depreciated by 1.3 percent in January 2015 compared to 7.8 percent a year ago.
standard Chartered Bank, it would be recalled, predicted a GH¢4.20 rate depreciation against the U.s dollar by the end of year. The prediction was contained in a report issued by the research wing of the bank responsible for Africa.
The report, authored by the bank’s head of Africa research, Razia Khan, gave the outlook for eight economics in Africa, including Ghana, Nigeria and South Africa.
Ms Khan maintained that the GH¢4.20 could be revised if Ghana secures a programme with the IMF.
The Ghana Cedi recorded one of its worst depreciation in 2014. The cumulative depreciation of the cedi for 2014 was 31.2 percent compared to 14.5 percent in 2013.
It depreciated by 26.7 percent between January and June 2014 but remained relatively stable during the second half, depreciating by 4.5 percent.
The Us Dollar increased to GH¢3.63 in March from GH¢3.50 in February 2015.
BY Samuel Boadi
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