Cedi depreciation: How $1 reached GH₵15

The Minority has voiced concerns that the current issues plaguing the Ghanaian cedi are far from being resolved, warning that the situation is likely to deteriorate further.

As the local currency now trades between GH₵14.50 and GH₵15 to the dollar, traders are passing the increased costs onto consumers, resulting in a significant rise in the prices of goods and services.

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The rapid depreciation of the cedi has caused considerable distress among traders nationwide, severely impacting their businesses. Many in the business community are increasingly worried, with some facing growing debts.

The Food and Beverages Association of Ghana (FBAG) has pointed out that the widespread practice of selling on credit has worsened the problem, as importers struggle to repay their debts.

Watch how $1 reached GH₵15

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