Cedi depreciated by 19.1% to dollar in

The central bank, however, pegged the cedi depreciation to the American greenback in 2022 to 30 per cent. For the pound and the euro, the local currency lost 21.4 per cent and 20.7 per cent in value respectively in January 2023.

The local currency came under severe pressure to the American currency in January 2023 after recording some sustained stability in the greater part of December 2022.

This was after Ghana reached a Sta -Level Agreement with the International Monetary Fund.

By this depreciation the cedi follows its trend to become the second weakest currency among 15 top currencies in Sub-Saharan Africa in January 2023. It is still currently in that position.

According to the Summary of Economic and Financial Data from the Bank of Ghana, the cedi sold at ¢10.60 to one US dollar in January 2023 on the interbank market, compared with ¢8.57 in December,

It sold at ¢13.10 to one US dollar on the forex or retail market, but has since improved very slightly in value to ¢12.90.