Ghana’s cedi has come under renewed pressure against the United States dollar as demand for foreign exchange continues to outweigh supply on the local market.
Financial analysts attribute the latest depreciation largely to increased demand for dollars by importers, particularly companies in the petroleum sector, amid fluctuations in global crude oil prices.
The weakening of the local currency has raised concerns among businesses, especially importers who fear that rising exchange rates could increase the cost of imported goods and place additional pressure on prices.
Economic observers say the Bank of Ghana is expected to continue monitoring developments in the foreign exchange market and implement measures aimed at maintaining exchange rate stability and safeguarding macroeconomic gains.
Market analysts have urged businesses to plan effectively and manage foreign exchange risks while government efforts continue to support economic stability.
By Michael Walier
Journalist | ABC News Ghana
Email: [email protected]
