2 years ago
After it slipped to a complaint of astir 12:1, the Ghanaian cedi became the latest African currency to interaction a caller debased versus the U.S. dollar, albeit connected the unofficial overseas speech market. Having started 2022 trading astir 6.25 per dollar, the cedi has present mislaid implicit 90% against the appreciating greenback.
Protest Against the Cedi’s Depreciation
The Ghanaian cedi precocious became the latest African currency to autumn to a caller debased versus the U.S. dollar successful 2022, aft its unofficial speech complaint against the greenback reportedly slipped to C12.10:$1. Following this latest depreciation, the cedi, which began the twelvemonth trading astatine astir 6.25 per dollar, has present mislaid implicit 90% of its worth successful conscionable implicit 10 months.
According to 1 section report, the cedi’s depreciation has resulted successful the impairment of immoderate traders’ capital. As per the report, immoderate traders successful the country’s Ashanti portion person protested against the cedi’s depreciation and Ghana’s rising outgo of surviving by closing their shops.
Besides the Ghanaian cedi, different African currencies that person mislaid crushed versus the U.S. dollar see Nigeria’s naira, the Ethiopian birr, and the South African rand. As has been reported by Bitcoin.com News, the U.S. Federal Reserve’s assertive monetary tightening policy, which has seen it repeatedly hike involvement rates, is causing the U.S. dollar to admit versus galore currencies. A strengthening dollar has, successful turn, fueled ostentation successful galore countries, including Ghana.
Ghana Inflation Surges Again
Meanwhile, according to a caller announcement by the Ghana Statistical Service (GSS), the cocoa-producing country’s year-on-year ostentation complaint for September stood astatine 37.2%. This fig is 3.3 percent points higher than the complaint for August. However, according to the statistical agency’s latest data, prices lone went up by 2% betwixt August and September.
Also, successful different development, the GSS announced it has changed the mode it calculates the ostentation rate. Samuel Kobina Annim, a authorities statistician, reportedly said the basal twelvemonth had been changed from 2018 to 2021. In addition, the weights of the regions were adjusted.
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Terence Zimwara
Terence Zimwara is simply a Zimbabwe award-winning journalist, writer and writer. He has written extensively astir the economical troubles of immoderate African countries arsenic good arsenic however integer currencies tin supply Africans with an flight route.
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