Ghanaian Cedi depreciates by 64% year-to-date

The Ghanaian cedi has dropped by a whopping 64.45% against the US dollar since the start of the year.

Presently, the USD/GHS is trading around 9.9495. This depreciation comes despite Ghana’s central bank interest rate hike to a record-high of 22% in a bid to curb inflation and strengthen the Cedi.

Investors have dumped the cedi and the nation’s bonds this year as concerns about the impact of a global slowdown in demand for commodities such as cocoa have risen.

Those movements fed an inflationary surge and pushed Ghana to begin talks with the IMF in July over an assistance package of as much as $3 billion.