The woes of the Ghana Cedi against the US Dollar continue unabated as the currency is nearing the GH¢13 to the $1 mark.
This would represent a new low for the currency which has been experiencing a persistent decline against the dollar in the past few weeks.
Checks by GhanaWeb Business to some forex bureaus in Accra show that the cedi is selling at GH¢12.50 to $1 as of October 15 while the Bank of Ghana is selling at a rate of GH¢10.72 as of October 14.
According to AfriSwap, the UK Pound is selling at GH¢13.10 while the Euro is going for GH¢11.60 as of October 15, 2022.
The development is likely to exert further pressure on the economy with many citizens already grappling with soaring inflation pressures, high cost of living, fuel price and tariff hikes among others.
Meanwhile, government has commenced negotiations with the International Monetary Fund in hopes of securing an economic support programme aimed at restoring macroeconomic stability.
