The British Pound and Euro hit the GH7 and GH5 respectively last week at some forex bureaus across the country.
The British pound started the year (2015) at GH5 across forex bureaus in the country while the Euro started at GH3.90.
The Pound and Euro are not the only major foreign currencies thrashing the cedi on the forex market.
The dollar last month hit GH4 after rallying between GH3.80and GH3.90 for weeks. It is now selling at GH4.45 in Forex bureaus.
Ghana’s talks with the International Monetary Fund (IMF) together with the first tranche of funds from the IMF worth$114 million dollars, was expected to help the cedi from further fall.
But weeks after the cash hit the accounts of the Bank of Ghana (BoG), no hope appears to be insight for the cedi.
The British Pound hit GH7.03 across forex bureaus across the country while the Euro hit GH5.04 yesterday 22nd June, 2015.
At the interbank foreign exchange market where banks trade among themselves the British Pound and Euro are yet to hit GH7 and GH5 in that order.
The British Pound for example is now selling GH6.78 while the Euro is now selling at GH4.84. But it appears the cedi’s woes will not end soon.
According to the Chief Executive Officer of Dalex Financial Services, Ken Thompson the cedi will continue to fall against major trading currencies unless there is a deliberate effort to transform the economy.
“In February this year… I said the cedi was going to completely fall, and I said the IMF target will be missed and reading between the lines, it looks like the target has been missed.
What I’m hoping for is that, the Ministry of Finance will be able to negotiate with the IMF team so that it will release the tranche of dollars that was expected. In addition, that will also help to release donor funding… then they will bring in dollars.
The cedi will continue to decline unless we change the demand and supply situation.” He said.
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