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The Ghanaian cedi has depreciated past the GH₵11 mark against the US dollar on the interbank market, sparking fresh concerns about the country’s currency stability and its potential impact on businesses and consumers. Market analysts attribute the cedi’s decline to high demand for foreign exchange to finance imports, persistent trade imbalances, and limited dollar inflows.
The development adds pressure to Ghana’s fragile economy, with fears of rising inflation in the coming months. Businesses reliant on imports are expected to feel the pinch, as the cost of raw materials, fuel, pharmaceuticals, and food items may increase further. Households will likely face higher prices for essential goods, straining already stretched incomes.
Economic experts warn that the continued depreciation could undermine investor confidence if urgent measures are not taken to stabilize the local currency. They suggest the Bank of Ghana may need to tighten monetary policy, increase forex interventions, or explore new strategies to shore up reserves. The cedi’s fall also reignites the debate over Ghana’s long-term economic structure, with calls for stronger export diversification and reduced reliance on imports.
As the situation unfolds, all eyes are on the Bank of Ghana and the Ministry of Finance for policy signals that could restore market confidence and stabilize the exchange rate.
