{"id":1230738,"date":"2022-10-21T13:14:18","date_gmt":"2022-10-21T13:14:18","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/10\/21\/%c2%a214-50-equals-1-as-cedi-depreciation-continues-2\/"},"modified":"2022-10-21T13:14:18","modified_gmt":"2022-10-21T13:14:18","slug":"%c2%a214-50-equals-1-as-cedi-depreciation-continues-2","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/10\/21\/%c2%a214-50-equals-1-as-cedi-depreciation-continues-2\/","title":{"rendered":"\u00a214.50 equals $1 as cedi depreciation continues"},"content":{"rendered":"

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The Ghana cedi continued its free fall, losing value twice within a day to sell at \u00a214.50 to one US dollar.<\/p>\n

This translated to 5.45% depreciation in a day and 17.5% in four days of the week.<\/p>\n

It began the day at \u00a213.75 to the American \u2018greenback\u2019 but declined in value further to \u00a214.50, according to quotations by the forex bureaus.<\/p>\n

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In nominal terms, the cedi has lost about 135% value to the world\u2019s most important currency.<\/p>\n

In real terms, the local currency has depreciated by about 55% to the dollar.<\/p>\n

The cedi also lost more ground to the pound and euro, despite the two currencies struggling to compete with the US dollar.<\/p>\n

It is going for \u00a216 to the pound and \u00a213.3 to the euro.<\/p>\n

Checks by Joy Business at the forex bureaus indicate lack of dollar shortage in the market.<\/p>\n

$1 sold for \u00a213.75<\/strong><\/p>\n

The woes of the Ghana cedi continued as it depreciated further to about \u00a213.75 to the US dollar in the morning of October 20, 2022, less than a day, after reaching \u00a213 on October 19.<\/p>\n

This is equivalent to about 12% depreciation in only four days of this week.<\/p>\n

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