cedi pressures

The depreciation pressures on the Ghana cedi continued relentlessly today as the local currency sold at ¢11.62 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 the dollar a little above ¢11.62. Some of the operators confirmed that the demand for the ‘American greenback’ have reached an all-time high, similar to the 1980’s and early 90’s. The cedi has since January this year lost more than 40% in value to the…