After it slipped to a rate of about 12:1, the Ghanaian cedi became the latest African currency to touch a new low versus the U.S. dollar, albeit on the unofficial foreign exchange market. Having started 2022 trading around 6.25 per dollar, the cedi has now lost over 90% against the appreciating greenback. Protest Against the Cedi’s Depreciation The Ghanaian cedi recently became the latest African currency to fall to a new low versus the U.S. dollar in 2022, after its unofficial exchange rate against the greenback reportedly slipped to C12.10:$1. Following this latest depreciation, the cedi, which began the year trading at around 6.25 per dollar, has now lost over 90% of its value in just over ten months. According to one local report , the cedi’s depreciation has resulted in the impairment of some traders’ capital. As per the report, some traders in the country’s Ashanti region have protested against the cedi’s depreciation and Ghana’s rising cost of living by closing their shops.
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