The Ghanaian cedi has once again hit a new low, reaching GH¢14 against the US dollar.
This marks a year-to-date depreciation of approximately 12.08%, highlighting the significant strain on the local currency. Forex bureaus are reportedly selling the dollar for an average of GH¢14, indicating ongoing pressures on the cedi.
Analysts had earlier forecasted further depreciation of the cedi against the dollar this week. Despite this, Fitch Solutions predicts that the cedi will rebound to GH¢12.25 by the end of the year.
The London-based firm attributes this potential recovery to expected improvements in the coming months. However, Fitch Solutions emphasizes that the government’s efforts in restructuring commercial debt are crucial for the currency’s stability.