American professor of Applied Economics, Steve Hanke has forecasted that the Ghanaian currency, the Cedi, is going down the tubes.
He cited the continued depreciation of the currency against the United States dollar since January 1, to buttress his claim about the cedi.
In a tweet accompanied by a graph showing the path of depreciation that the cedi has travelled since 2020, Hanke intimated that the local currency was all but 'junk.'
"In #Ghana, the #cedi is going down the tubes. By my measure, the cedi has depreciated ~49.32% against the USD since Jan. 1, 2022. Thanks to Ghana, my rogue's gallery of JUNK currencies just keeps growing," his tweet read.
Cedi exchange rate against US dollar: February 6, 2023
The Interbank forex rates from the Bank of Ghana today, February 7, 2023, have shown that the Ghana Cedi is trading against the dollar at a buying price of 10.7936 and a selling price of 10.8044.
As compared to Friday’s trading of a buying price of 10.7941 and a selling price of 10.8049. At a forex bureau in Accra, the dollar is being bought at a rate of 12.00 and sold at a rate of 12.70.
In #Ghana, the #cedi is going down the tubes. By my measure, the cedi has depreciated ~49.32% against the USD since Jan. 1, 2022. Thanks to Ghana, my rogue's gallery of JUNK currencies just keeps growing. pic.twitter.com/DBdOE08vbC
— Steve Hanke (@steve_hanke) February 6, 2023
You can also watch this edition of People & Places on GhanaWeb TV:
- 'Watch the cedi to the dollar from tomorrow' – Finance minister brags over NPP's economic performance
- 'Watch the cedi to the dollar from tomorrow' – Finance minister touts NPP's economic performance
- 'President Akufo-Addo is a masterclass in economic mismanagement' – US-based Professor
- Cedi will continue to be rated as worst-performing if we don't stop the politics – Financial analyst
- Cedi's value declines by 21% against US dollar as rate hits GH¢15.70 to $1
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