Home / BUSINESS NEWS / Cedi Loses 19.2% Value To Dollar In Almost 7 Months Of 2022 – BoG

Cedi Loses 19.2% Value To Dollar In Almost 7 Months Of 2022 – BoG

Spread the love

The cedi lost 19.2% in value to the US dollar in almost seven months of 2022.

According to the Summary of Economic and Financial Data by the Bank of Ghana, the local currency went for ¢7.43 to the American ‘greenback’ on the interbank market as of July 22nd, 2022.

It is however selling at about ¢8.30 pesewas to the US dollar on the retail market.


Some currency analysts have attributed the lack of dollar inflows, particularly Eurobonds as the main reason behind the volatility of the cedi.

See also  Bank Customers Have Less Than 20 Days To Update Records With Ghana Card - BoG Cautions

Others also believe the huge interest payments on borrowed funds (external) by government is a major reason.


The Ghana cedi depreciated by 16.86% in value to the dollar in the first half of 2022 on the interbank market, but over 20% on the retail forex market.

However, the rate of depreciation of the cedi slowed down in the May 2022 and June 2022, after stern monetary actions from the Bank of Ghana coupled with some fiscal measures to halt the free fall in the first four months of 2022.

See also  SIM Card Registration: Telcos Start Blocking Subscribers In Phases



Indeed, the Bank of Ghana increased the policy rate by 2.5 percentage points to 17% in March 2022. Again, it enforced measures such as the increase in the Cash Reserve Ratio to 12%, the reset of the Capital Conservation Buffer to the pre-pandemic level of 3% and increased the Capital Adequacy Ratio to 13%.

This move encouraged investors to invest in cedi-denominated assets, whilst inflation and money supply are effectively controlled.

Again, investors were reassured that managers of the economy were keeping close eye on the causes of the value of the cedi.

See also  TOR Staff Interdicted For Allegedly Stealing ¢10.4m Worth Of Cables









Master Of Ceremony (M.C) available for all your events.











Source: MyGhanaMedia.com





 There are four types of content published on MyGhanaMedia daily: curated content; syndicated content; user-generated content; and original content.


Send your news stories to [email protected] and Chat with us via WhatsApp on +233 200818719



About Adwenpa-Hene

I'm Adwenpa-Hene |Blogger & Broadcaster Journalist. I am the CEO and manager of this noble website. I publish on Entertainment, Sports, Politics, Lifestyle, and Technology. You can also follow Us on : YouTube Channel - My Ghana Media TV, Facebook - MyghanaMedia TV , Twitter - @MyGhanamedia2 & Instagram - My Ghana Media TV. Email Address: [email protected] Contact Us: 0200818719

Check Also

IES: Reasons For PURC’s 2023 Tariff Increment Baseless

Spread the love The Institute for Energy Security (IES) has questioned the assumption used in …

Leave a Reply

Your email address will not be published. Required fields are marked *