Cedi Loses 7% Value To Dollar - www.asempanews.com

THE CEDI lost a little over 7% in value to the US dollar in the first month of the third quarter of 2022.

The rising demand for the dollar, which is about four-times that of supply, is expected to push some prices of goods and services on the market up, due to imported inflation.

“The cedi has also started the third quarter on a pretty difficult note; in the month of July alone, the local currency has lost way over 7% against the US dollar and over 26% on a year-to-date basis [retail market].

That is way very sharp depreciation so far this year, and August [2022] has also started on a similar note on its own set back of weakening of the currency, which is really not good.”

Given the sizeable level of demand, we have on the market that reduction has widen the demand supply gap,” Mr

He further said that the demand for the dollar which is four times the US$25 million allotment is telling on significantly in terms of the rate of depreciation of the cedi.

“And talking of supply, we are expecting that by the 4th quarter, we should see some two billion dollars coming through