Cedi Falls Rapidly Crosses GH¢4.00

A dollar was selling at GH¢4.01 and buying at GH¢3.77 at the forex bureaux as at Friday, 27 March, 2015.

One British Pound was selling at GH¢5.97 and buying at GH¢5.61.

The Euro was also selling at GH¢4.40 and buying at GH¢4.13.

The cedi maintained a GH¢0.006 buying rate to the CFA and sold at GH¢0.006.

At the interbank exchange level, a dollar was buying at GH¢3.7133 and selling at GH¢3.7171.

The British Pound was selling at GH¢5.5232 and buying at GH¢5.5157 while the Euro was buying at GH¢4.0587 and selling at GH¢4.0618.

The CFA was selling at GH¢0.0058 and buying at GH¢0.0058.

Some analysts have indicated that the local currency has periodically suffered such fate especially in the first quarter of every year.

But the situation normalizes after the Ghana Cocoa Board (COCOBOD) secures its foreign loans for the purchase of cocoa from the second quarter.

Government has repeatedly said that several hundreds of millions of donor funding have not been delivered.

About a week ago, records from the market rate (forex bureaux) showed that a dollar was selling at GH¢3.86 and buying at GH¢3.62, while a pound was selling at GH¢5.69 and buying at GH¢5.32.

Importers have argued that owing to development, they would be compelled to increase the prices of their goods, adding that the cedi might reach GH¢5 to a dollar soon if the authorities fail to address the problem.

Bulk Oil Distributors (BDCs) say they are unable to access new credits from banks to facilitate the importation of crude due to the situation.

Senyo Hosi, Chief Executive of the Chamber of Bulk Oil Distributors, recently told journalists in Accra that the development could result in severe shortage of petroleum products in the coming weeks as credit lines have been shut to importers.

Mr Hosi said most banks were not satisfied with the dollar rate at which government buys the products from distributors.

Source: Daily Guide