The Ghana cedi has hit the \u00a210 mark as it traded at \u00a210.01 in the retail market yesterday August 15th, 2022.<\/p>\n\n\n\n
At the same time, the cedi went for \u00a210 to a euro.<\/p>\n\n\n\n
The cedi\u2019s situation has become a major worry to businesses and household consumers, as its continuous depreciation is expected to be halted by the recent measures announced by the Bank of Ghana and the expected $750 million syndicated loan.<\/p>\n\n\n\n
The Bank of Ghana had introduced measures working collaboratively with the mining firms, international oil companies, and their bankers to purchase all foreign exchange arising from the voluntary repatriation of export proceeds from mining, and oil and gas companies. This it believes will strengthen the central bank\u2019s foreign exchange auctions, and consequently the cedi.<\/p>\n\n\n\n
The inflows of the expected $750 million syndicated loan may also halt the rapid fall of the cedi in the short term.<\/p>\n\n\n\n
Dollar shortage hits forex market, cedi depreciation nears \u00a210 mark<\/strong><\/p>\n\n\n\n Few days ago, Joy Business reported dollar shortage in the forex market as the rate of depreciation of the Ghana cedi neared GH\u00a210 to one US dollar.<\/p>\n\n\n\n This comes after Some Senior Relationship Managers and Treasurers confirmed the scarcity of the US dollar, adding, \u201cthe situation is bad and could get worse by the end of the week if the authorities the Bank of Ghana do not intervene\u201d.<\/p>\n\n\n\n