{"id":1223517,"date":"2022-10-13T13:13:22","date_gmt":"2022-10-13T13:13:22","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/10\/13\/1-equals-%c2%a211-62-as-cedi-depreciation-pressures-rise\/"},"modified":"2022-10-13T13:13:22","modified_gmt":"2022-10-13T13:13:22","slug":"1-equals-%c2%a211-62-as-cedi-depreciation-pressures-rise","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/10\/13\/1-equals-%c2%a211-62-as-cedi-depreciation-pressures-rise\/","title":{"rendered":"1$ equals \u00a211.62 as cedi depreciation pressures rise"},"content":{"rendered":"

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The depreciation pressures on the Ghana cedi continued relentlessly today as the local currency sold at \u00a211.62 pesewas in the retail market.<\/p>\n

This is almost 6% depreciation since Friday, October 7th.<\/p>\n

Checks by Joy Business at some forex bureaus indicate that the supply of dollars in circulation is insufficient. Some forex bureaus are actually selling the dollar a little above \u00a211.62.<\/p>\n

Some of the operators confirmed that the demand for the \u2018American greenback\u2019 have reached an all-time high, similar to the 1980\u2019s and early 90\u2019s.<\/p>\n

The cedi has since January this year lost more than 40% in value to the US dollar, a performance that has also impacted negatively on inflation.<\/p>\n

The cedi woes has been attributed largely to imbalances in the Ghanaian economy, particularly elevated debt level and a large fiscal deficit. This has compelled some foreign investors holding Ghana cedi and dollar denominated bonds to sell their investments and exit the market.<\/p>\n

1 dollar hits \u00a211.30<\/strong><\/p>\n

The cedi went for \u00a211.30 to a dollar yesterday, October 12, 2022, in the retail market.<\/p>\n

The situation appears to be worsening every day, as many analysts believe the only solution now is an imminent intervention from the International Monetary Fund.<\/p>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

The depreciation pressures on the Ghana cedi continued relentlessly today as the local currency sold at \u00a211.62 pesewas in the retail market. This is almost 6% depreciation since Friday, October 7th. Checks by Joy Business at some forex bureaus indicate that the supply of dollars in circulation is insufficient. Some forex bureaus are actually selling […]<\/p>\n","protected":false},"author":1,"featured_media":1212504,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[672,2129,2296,13634,598],"class_list":["post-1223517","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-cedi","tag-depreciation","tag-equals","tag-pressures","tag-rise"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1223517","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1223517"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1223517\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1223517"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1223517"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1223517"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}