Finance

Cedi crosses GH¢10 to one dollar mark

Cedi has been depreciating against the dollar in recent weeks

The Ghanaian currency (the Cedi), which is said to be the second-worst-performing currency across the globe after Sri Lanka’s Rupee, is depreciating faster than anticipated.

Even though the Central Bank has put out some emergency measures to tackle it, the continued depreciation seems to have outjumped the Bank of Ghana’s Monetary Policy Committee’s measures.

As at Friday, August 19, 2022, the Cedi is being traded on the retail market at ¢10 to a dollar.

Checks around the capital’s forex bureaus and banks reveal that some forex are selling a dollar for GH9.98 while others are selling it for GH10.10.
According to some of the forex bureau operators, there is also a shortage of dollars on the market.

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They also say that the situation is bad and could get worse in the coming weeks.

 

Source: gbcghanaonline.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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