Business News of 2014-04-15

Euro hits 4 cedis

Despite moves by the Bank of Ghana to save the cedi from further fall, it appears the local currency is still struggling to keep its head above the water.

The Euro this morning hit four cedis at the local forex bureaus after rallying between 3 cedis 80 and 3 cedi 90 peswes for some weeks now.

Last week it started the week at 3 cedis 88 pesewas, hitting 3 cedis 89 pesewas mid week and 3 cedis 92 pesewas by close of the week.

The Euro is not the only major foreign currency that the cedi is struggling to keep up with.

euro poundForex analysts fear the dollar and pound may also hit 3 cedis and 5 cedis respectively soon if current trends continue.

The dollar is now at about 2 cedis 88 pesewas while the British pound is at 4 cedis 83 pesewas at local forex bureaus in the country.

Last week the dollar closed at 2 cedis 84 pesewas while the British pound closed at 4 cedis 74 pesewas.

This year alone the cedi has depreciated by 18 percent against the dollar according to figures released by the Bank of Ghana at its last Monetary Policy Committee (MPC) meeting.

imagesIn February this year the Bank of Ghana introduced new and revised rules to save the cedi from further fall.

According to the bank it will review the rules next month.