The Ghana cedi has slipped beyond GH¢11 to the US dollar on the interbank market, raising fresh concerns for businesses that rely heavily on imports.
According to Bank of Ghana data released Thursday, the dollar traded at GH¢11.0445 (buying) and GH¢11.0555 (selling).
The British pound and euro also firmed against the local currency, quoted at GH¢14.8780 and GH¢12.8192 respectively.
For import-dependent businesses, the weakening cedi spells higher costs of goods, fuel, and other essentials. Traders fear that the pressure could soon translate into price hikes, worsening inflationary pressures for consumers.
The Ghana Union of Traders Association (GUTA), however, has urged its members to remain calm. “If we are able to sustain levels around GH¢10.50 to GH¢10.60, then a move to GH¢11 should not cause alarm. Sometimes, it is negative speculation that worsens the depreciation,” said GUTA President, Joseph Obeng.
Currency analysts explain that the depreciation reflects natural market adjustments following a period of sharp appreciation.
“Those affected by the movement will want to test the market’s resolve. This is natural,” said analyst Courage Boti.
The cedi’s trajectory will remain under close watch as the Central Bank battles to stabilize the exchange rate without fueling further inflation.
