Ghana’s cedi fell to its lowest-ever level as companies sought more dollars to buy fuel, medicines, and other goods.
The currency, used by the world’s second-largest cocoa producer, dropped by 0.2% to 14.9335 per dollar in Accra, its lowest since Bloomberg began recording data in 1994.
Since the start of the year, the cedi has dropped by 20% against the US dollar, making it the fourth-worst-performing currency out of about 150 currencies tracked by Bloomberg worldwide. It follows behind the Egyptian Pound, Nigerian Naira, and the Lebanese Pound.
Ghana’s gross international reserves, according to Bloomberg, rose to $6.6 billion in April, the highest level in over 19 months.
To maintain market stability, the central bank has been actively managing these reserves. They have directly intervened to meet the foreign exchange needs of certain companies, reducing pressure on commercial banks.
