Despite moves by government to save the cedi from further fall, it appears the local currency is still struggling to keep its head above the water.
The dollar last week hit four cedis at forex bureaus across the country after rallying between 3 cedis 80 and 3 cedi 90 peswes for some weeks now.
It started the month of May at 3 cedis 85 pesewas, hitting at least 4 cedis, 3 pesewas by the third week of May.
Cedi’s performance against the dollar 2015 According to the Bank of Ghana from January to May 8, 2015, the cedi cumulatively depreciated by 17.2 percent against the USD, compared with 21.3 percent recorded in the same period in 2014.
Below is an info graph of the cedi’s performance against the dollar for 2015 on the interbank forex exchange market as well as forex bureaus.
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By: Vivian Kai Lokko/citifmonline.com/Ghana
Infograph by: Mawuli Tsikata/citifmonline.com/Ghana