Cedi surges to GH¢16.25 per dollar at forex bureaus

Cedi Plummets: Trades at GH¢16.25 to $1 in Forex Bureaus

The Ghanaian cedi has taken a significant hit, trading at a staggering GH¢16.25 to the US dollar at forex bureaus. This sharp depreciation has raised concerns among businesses and consumers as the local currency struggles against major foreign currencies.

Analysts attribute the cedi's decline to increased demand for dollars in the face of limited supply, coupled with ongoing economic challenges. The development has intensified calls for swift government intervention to stabilize the currency and address the underlying economic pressures.

Many Ghanaians, especially import-dependent businesses, are bracing for tougher times as the weak cedi threatens to push up prices of goods and services.