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The Ghana cedi has maintained its downward spiral in opposition to the US greenback on January 16, 2023, with $1 promoting for over GH¢13 at foreign exchange bureaus.
Foreign exchange bureaus in Accra are buying and selling the Ghana cedi at a shopping for worth of GH¢12.50 for $1, and a promoting worth of GH¢13.20 for $1.
In the meantime the interbank foreign exchange price accredited by the Financial institution of Ghana for January 16, 2023 reveals that the Ghana Cedi is buying and selling in opposition to $1 at a shopping for worth of GH¢10.3305 and a promoting worth of GH¢10.3409.
Simply 24 hours earlier, the BoG backed interbank price quoted a shopping for worth of GH¢9.0402 for $1 and a promoting worth of GH¢9.0492 for $1.
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Additionally, on Monday, January 16, the interbank price reveals that the British Pound was buying and selling at a shopping for worth of GH¢12.6115 for £1 and a promoting worth of GH¢12.6252 for £1.
In comparison with Sunday, January 15, 2023, the Pound Sterling was buying and selling at a shopping for worth of GH¢10.9974 for £1 and a promoting worth of GH¢11.0102 for £1.
However at foreign exchange bureaus the charges are a lot increased.
One British pound is being purchased at a price of GH¢14.70 and bought at a price of GH¢15.70 on the foreign exchange market.
In opposition to the Euro, foreign exchange bureaus are shopping for buying and selling at a shopping for price of GH¢12.80 for €1 and bought at a price of GH¢13.80 for €1.
A finance professional and a fellow of civil society organisation Centre for Social Justice (CSJ) has informed YEN.com.gh that the cedi fall within the final couple of weeks is a correction of the speedy rise in December 2022.
He additionally surmised that authorities’s dealing with the debt restructuring programme is one other set off for the cedi's poor efficiency in opposition to the greenback.
In the meantime, the depreciation of the Ghana cedi in opposition to the most important buying and selling currencies have been cited as the explanation gas costs have been projected to go up this week.
In line with the Institute for Vitality Safety, gas costs are anticipated to go up between 5% and 9% within the subsequent pricing window, that’s from January 16 to January 31, 2023.
The IES blames a 9.8% depreciation of the cedi over the past two weeks for the projected improve within the worth of gas.
Excessive value of gas is a significant driver of excessive inflation in Ghana.
YEN.com.gh reported every week earlier that it‘s not been wanting too good for the cedi this yr because it has been depreciating always in opposition to the greenback for the reason that first day of 2023.
Financial institution of Ghana's interbank price reveals that the native foreign money was buying and selling in opposition to the greenback at a promoting worth of GH¢9.0092 for $1 and at a shopping for worth of GH¢9.0002 to $1.
Foreign exchange bureaus in Accra are quoting increased promoting and shopping for costs for the greenback however the regular depreciation has additionally prompted fears that the previous days of speedy depreciation is upon Ghanaians once more.
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Supply: YEN.com.gh
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