The cedi has reached a new low, hitting GH¢14 against the US dollar, marking a year-to-date depreciation of approximately 12.08%.
Various forex bureaus are reported to be selling the dollar for an average of GH¢14, highlighting the significant strain on the local currency.
Despite earlier forecasts, analysts had expected the cedi to further depreciate against the dollar this week, reflecting ongoing pressures.
Although Fitch Solutions predicts that the cedi will rebound to GH¢12.25 by the end of the year, citing potential recovery in the coming months, the London-based firm underscores the importance of the government’s efforts in restructuring commercial debt for the currency’s stability.
Source: www.ghanaweb.live