The cedi may hit Gh¢25 to $1 – Economist, Dr. Sa-ad
Economist, Dr. Sa-ad Iddrisu, has urged the government to take steps to address the cedi depreciation, as the cedi may hit Gh¢25 to $1 if urgency is not attached to addressing the situation. Dr. Iddrisu made this call on Wednesday, October 19, 2022, during a zoom lecture on the state of the Ghanaian currency, with some Ghanaian students in the U.S. According to Dr. Iddrisu, “On Monday Oct 17, Bloomberg classified the Ghanaian cedi as world’s worst performing currency. It has depreciated more than 45% this year. This is affecting businesses and traders in the country, and also affecting people’s savings.” “In January 2022, if you had Gh¢150,000 in savings at the bank, it was equivalent to $25,000 with the exchange rate of around Gh¢6. By October 2022, it’s now equivalent to $12,000 with the exchange rate of around Gh¢12.5. Within the 9 months period, your savings would have lost its value by $13,000 (excluding current October inflation rate of 37.2%),” Dr. Iddrisu said. He added t...
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