Ghana cedi currently trading at GH¢13.45 to one US dollar
Currently on the forex market, the Ghana cedi is trading at GH¢13.45 to one US dollar.
According to the portal, the Ghana cedi’s struggles against the major trading currency have also rendered it as the second worst-performing currency in Africa, among 15 other top-performing currencies.
Market analysts have since attributed the cedi’s current woes to upside risks such as the high-interest payments, lack of adequate revenue mobilization, increasing government expenditure and high debt concerns.
These factors, the analysts believe has resulted in investors existing and trading off Ghana’s bonds on the international bond markets while access to international capital markets still remains uncertain.
In addition to this, international credit rating agencies, Moody’s Investor Services and Fitch Ratings have both downgraded Ghana’s credit worthiness.
