Cedi commences March by selling at GH¢15.90 to a dollar at forex bureaus
The Ghanaian cedi has opened the month of March trading at GH¢15.90 per US dollar at forex bureaus, continuing its depreciation trend amid ongoing economic pressures.
Currency traders and analysts attribute the cedi’s decline to persistent demand for foreign exchange, external debt obligations, and inflationary pressures. Businesses reliant on imports have expressed concern over rising costs, while consumers brace for the ripple effects on goods and services.
Market watchers note that despite government interventions, including forex injections by the Bank of Ghana, the local currency continues to struggle against major international currencies. Some analysts anticipate further depreciation if demand for the dollar remains high.
As the economic landscape evolves, policymakers and financial institutions are expected to explore additional strategies to stabilize the cedi and restore investor confidence in Ghana’s currency.
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