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Cedi depreciates by 2.6% to dollar in almost 11-months of 2021 – BoG

Mount Equity Group Tokyo, Japan > News > Markets > Cedi depreciates by 2.6% to dollar in almost 11-months of 2021 – BoG

The Ghana cedi has depreciated by 2.6% in almost 11 months of this year, heading towards a record performance, data from the Bank of Ghana has revealed.

This is compared with 1.7% depreciation in the first 7-months of 2021.

The Central Bank pegged the rate of the cedi to the dollar at ¢5.91, though it is trading at about ¢6.26 on the interbank forex market.

However, the rate of depreciation of the cedi indicates that the local currency will stay within research institutions and analysts forecast for this year, as there is about six weeks more to end the year.

Indeed, the fall in the value of the cedi by 3.9% to the dollar the whole of last year, made it the lowest rate of depreciation in the history of the Ghanaian economy.

According to the November 2021 Summary of Economic and Financial Data, the cedi depreciated by 1.8% and 2.4% in September 2021 and October 2021 respectively.

Analysts have said that the Ghana cedi will record…

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