Cumulatively, available data as of September 22, 2021, shows that the Ghana Cedi recorded a depreciation of 1.8 percent against the US dollar, compared with a depreciation of 3.0 percent for the same period of 2020.
The Ghana cedi also depreciated by 1.6 percent against the Pound Sterling but appreciated by 2.7 percent against the Euro over the same period.
Dr. Ernest Addison, the Governor of the Bank of Ghana, said at a press conference on Monday.
In 2008, one Ghana Cedi was for one U.S. dollar, but at the beginning of April 2012, it jumped from ¢1.74 to one U.S. dollar.
This means that the year-on-year decline in the value of cedi against the US dollar was 74 percent over three years.
A point to note is that during the global economic crises of 2008-2009, the cedi depreciated by 25 percent against the dollar.
Between 2010 and 2011, the cedi again depreciated 18.5 percent against the US dollar. For last month, the cedi exchange rate depreciated 4.29 percent against the US dollar.
Source: Mybrytfmonline.com/Kofi Atakora
