The Bank of Ghana’s latest Summary of Economic and Financial Data has revealed that the cedi lost 19.2% in value to the US dollar in almost seven months of 2022.
According to the data, the local currency went for ¢7.43 to the American ‘greenback’ on the interbank market as of July 22nd, 2022.
Currently, the cedi is selling at about ¢8.30 pesewas to the US dollar on the retail market.
The Ghana cedi depreciated by 16.86% in value to the dollar in the first half of 2022 on the interbank market, but over 20% on the retail forex market.
It slowed down in May 2022 and June 2022.
This was after the central bank introduced stern monetary actions as well as fiscal measures to halt the free fall in the first four months of 2022.