The Ghanaian cedi continues its downward slide against major international currencies, sparking renewed concerns about economic stability as the year progresses. Financial experts warn that the local currency could face further depreciation before year-end if urgent corrective measures are not taken.
According To a report on Yen, In a recent interview, a leading currency analyst projected that the cedi could reach alarming levels against the US dollar by December. “At the current trajectory, if strong interventions are not made, the cedi may trade around GH¢17 to the dollar by the close of the year,” the expert cautioned.
The depreciation, he explained, is being driven by persistent demand for foreign exchange to pay for imports, weak investor confidence, and limited dollar inflows. “The structural imbalance between Ghana’s exports and imports continues to weigh heavily on the cedi. Without significant inflows, pressure on the currency will not ease,” he added.
Businesses, especially importers, are already feeling the pinch. The rising cost of importing goods is pushing up market prices, worsening inflationary pressures, and straining household incomes. Many traders have expressed frustration, with one noting that “every week, prices change because the dollar rate keeps moving. It is difficult to plan.”
The Bank of Ghana has introduced several measures in recent months to stabilize the currency, including tightening monetary policy and injecting foreign reserves into the market. However, analysts argue that such interventions offer only short-term relief. “The long-term solution lies in boosting local production, strengthening exports, and diversifying revenue sources,” the expert emphasized.
Ordinary Ghanaians, meanwhile, continue to express worry over the impact on their daily lives. Social media platforms are filled with complaints about soaring costs of goods and services, with many calling for government action to restore economic stability.
As year-end approaches, the performance of the cedi will remain a key indicator of the health of Ghana’s economy. While predictions point to further depreciation, experts say the extent will depend largely on global market trends, domestic policy choices, and the inflow of external financial support.
Source: https://yen.com.gh/business-economy/economy/289422-will-dollar-hit-20-cedis-by-years-cedi-falling/
