{"id":1227325,"date":"2022-10-18T08:20:35","date_gmt":"2022-10-18T08:20:35","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/10\/18\/cedi-lost-9-value-to-dollar-in-only-a-week\/"},"modified":"2022-10-18T08:20:35","modified_gmt":"2022-10-18T08:20:35","slug":"cedi-lost-9-value-to-dollar-in-only-a-week","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/10\/18\/cedi-lost-9-value-to-dollar-in-only-a-week\/","title":{"rendered":"Cedi lost 9% value to dollar in only a week"},"content":{"rendered":"

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The Ghana cedi lost 9.03% in value to the US dollar last week (October 10-October 14, 2022).<\/p>\n

This came after the investment market reacted to the September 2022 inflation (37.2%).<\/p>\n

The cedi also lost 5.15% and 6.87% in value to the pound and the euro respectively.<\/p>\n

The story was the same in the forex bureau market, where the cedi was quoted at an indicative bid\/ask rate of \u00a211.4000\/\u00a212.4000 per US dollar. The year-to-date depreciation rate was therefore -45.46%.<\/p>\n

Analysts say the cedi came under sustained selling pressure last week on heightened uncertainty as the September 2022 inflation surprisingly came in at 37.20%.<\/p>\n

They expect the selling pressures to persist on heightened uncertainty around the cedi.<\/p>\n

In the 14th Forex Forward auction for the Bulk Oil Distribution Companies, the Bank of Ghana allocated $60 million at a 30-day forward rate of \u00a210.7907 to a dollar, indicating intense demand pressures.<\/p>\n

1 dollar now goes for \u00a212.45<\/strong><\/p>\n

The depreciation pressures on the Ghana cedi continued unabated as the local currency sold at \u00a212.45 to the US dollar at the forex bureaus or the retail market.<\/p>\n

This translated into 2.8% depreciation of the local currency to the world\u2019s most powerful currency, just in a single day.<\/p>\n

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Cedi slumps to world\u2019s worst performer versus dollar<\/strong><\/p>\n

The depreciation pressures on the cedi caused a slump in the local currency, ranking it as the world\u2019s worst-performing currency to the dollar, according to Bloomberg.<\/p>\n

The currency of the world\u2019s second-biggest cocoa producer depreciated 2% on Monday to 11.2625 per dollar (interbank), taking its losses this year to 45.1%, the most among 148 currencies tracked by Bloomberg.<\/p>\n

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

The Ghana cedi lost 9.03% in value to the US dollar last week (October 10-October 14, 2022). This came after the investment market reacted to the September 2022 inflation (37.2%). The cedi also lost 5.15% and 6.87% in value to the pound and the euro respectively. The story was the same in the forex bureau […]<\/p>\n","protected":false},"author":1,"featured_media":1219230,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[672,4219,1202,602],"class_list":["post-1227325","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-cedi","tag-dollar","tag-lost","tag-week"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1227325","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=1227325"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1227325\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1227325"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1227325"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1227325"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}