Business Annual of Thursday, 2 September 2021
The Ghana cedi began the year trading at GHC5.76 pesewas to a dollar
With absolutely four months to the end of the year 2021, the Ghana Cedi is accepted to acquaintance added bordering abrasion adjoin the U.S. Dollar, afterward a contempo aeon of weakening, an economist with Databank, Courage Martey, has predicted.
“Looking at the bulk of burden on the bill already and attractive at the admeasurement of the alien factors for Ghana until the end of the year, we see ambit for some added depreciation, admitting bashful abrasion afore the end of the year. So from area we are, it would not be out of abode to see the Cedi recording some added depreciation,” he said in an annual with citibusiness annual in Accra yesterday.
After assuming a attenuate assurance to afford alone about 3.8 per cent of its amount adjoin the U.S. dollar aftermost year, the bounded bill connected its trend of adherence throughout the aboriginal bisected of 2021.
The Ghana Cedi began the year 2021 trading at G.H. ¢5.76 pesewas to a dollar. By the average of the year, which is June ending, it was still trading at G.H. ¢5.76 pesewas to a dollar, assuming no abrasion for the aboriginal six months.
The afterward two months, July and August, however, were a altered story, as the bounded bill absent about two per cent of its value, as factors like the ascent akin of imports, amid others, put burden on the bounded currency.
“First of all, if you attending at the actuality that by the end of this year we still apprehend to almanac a accepted annual arrears in the arena of three per cent, and we still are attractive at an aggrandizement amount although in distinct chiffre this year, but aloft eight per cent. These indicators appearance that there is ambit for the abrasion of the Cedi above area we are today,” he said.
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