The Ghana cedi has reached GH¢14 per dollar as depreciation pressures persist. This has resulted in a year-to-date loss of around 12.08% against the American dollar.
According to Joy Business, most currency bureaus sell the dollar for an average of GH¢14 cedis to the American greenback.
Most analysts expected the local currency to continue its fall versus the dollar this week.
The US dollar has recently been strong, as rising US government yields have strengthened the American currency around the world.
The US inflation quickened to 3.5% year-on-year in March 2024, backed by higher energy and shelter costs. Following the developments, the Federal Reserve announced that interest rates need to stay higher for longer to beat inflation to the 2% medium-term target.
The announcement saw the US dollar index rise 101 basis points week-on-week along with US treasury yields, which put most African currencies on the back foot last week.
Source: AdwenPa.com
