I Thought The Prez Said Our Economy Is Strong….? Ghana cedi falls 3.9% in value in eight months of 2013

Kofi Oppong KyekyekuSeptember 24, 2013

1 minute read

Ghana's currency, the cedi, lost its value against the US dollar on

slower pace during the first eight months of 2013. According to the

central bank, the Ghana cedi cumulatively "depreciated at a slower

rate of 3.9% against the US dollar" during the period in 2013. This

was compared with a depreciation of 18.4% during the same period in

2012, the Bank of Ghana said last week. In trade weighted terms, the

real effective rate appreciated by 3.2% during the period, the Bank

added. "The volatility in the foreign exchange market has reduced

significantly this year," Dr Kofi Wampah, Governor of the Bank said.

Going forward to the end of the year, the central bank said it expects

that pressures in the foreign exchange markets would ease further with

the impending inflows of the cocoa syndication loan subject to

seasonal demand pressures.