The founder of the Danquah Institute, Gabby Asare Otchere-Darko, has served notice to Ghanaians to be ready for further depreciation of the local currency, the Ghana Cedi due to the Russia – Ukraine conflict.
The political strategist said other African currencies will suffer the same fate as the US dollar gains due to the ongoing conflict that has affected global oil prices.
The Ghana Cedi is currently trading at GHC7 against the US Dollar at some interbank forex market.
Oil prices surge after Russia’s invasion of Ukraine
Oil prices jumped on Friday by nearly 3% on concerns of global supply disruptions from the impact of trade sanctions on major crude and fuel exporter Russia after it invaded Ukraine.
Global benchmark Brent crude rose US$2.81, or 2.8%, to US$101.89 a barrel at 0738 GMT on Friday, after climbing to as high as $101.99.
U.S. West Texas Intermediate (WTI) crude touched a high of $95.64 a barrel, and was last up US$2.37, or 2.6%, at US$95.18.
The start of the invasion in Ukraine on Thursday caused prices to surge above US$100 a barrel for the first time since 2014, with Brent touching $105, before paring gains by the close of trade.
The massed Russian assault by land, sea and air was the biggest attack on a European state since World War Two, prompting tens of thousands of people to flee their homes.