Ghanaian Cedi drops by 30% against the US dollar in 6 months

The Ghanaian cedi has lost 30.56% against the US dollar in 6months, despite Ghana’s central bank’s spirited effort to stamp check inflation.

The dollar is currently up 30.56% (YTD) against the dollar, trading at 8. 03 Cedi.

Nonetheless, Minister for Finance, Ken Ofori-Atta has assured that government remains committed to implementing measures to address the perennial depreciation of the Ghana cedi against its major trading partners.

According to the Ofori-Atta , the government has so far implemented a 30% cut in expenditures as part of measures to reduce the fiscal deficit noting that this is geared toward helping reduce the pressures on the exchange rate.

The Bank of Ghana increased its primary lending rate by 250 basis points to 17%, signalling a tough stance against rising prices for everything from flour to sugar and fuel, as well as a weakening local currency that has harmed investor confidence.