Ghana’s Cedi Weakens Into Historic Decline Versus the Dollar
- Losses due to fall in export earnings; predictions of deficit
- Forward pricing suggests cedi may breach record lows this year
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Ghana’s cedi is in a record-breaking weakening cycle.
The currency hasn’t gained versus the dollar in the past 22 trading sessions, the longest streak according to data compiled by Bloomberg going back to 1994. The cedi traded 0.3% weaker at 13.9310 by 1 p.m. in London. It’s declined 14% this year, a slump beaten only by currencies that have been devalued, including the Egyptian pound and Nigerian naira.