Ghana Cedi is a 'junk currency' going down the tubes - Prof. Steve Hanke

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