Why is the cedi appreciating against the dollar but prices of goods and services remain the same? – Stonebwoy quizzes

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Stonebwoy is not happy that the so-called appreciation of the cedi against the dollar is yet to reflect on the street as the price of goods and services which shot up astronomically when the cedi was doing badly on the trading market is yet to reduce.

The new report about the cedi is that the Ghanaian currency has risen more than 20% in value against major foreign currencies, especially the US dollar, in less than a week.

Evidently, since the cedi started making gains against the major international currencies especially its familiar ‘nemesis, the dollar, it is yet to correspond to the high cost of living in the country and Stonebwoy wants answers.

Why be say Dollar rates leveling down nicely.. but prices of goods and services no dey gree to level with it.. You dey feel am?? – Stonebwoy tweeted.

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In October 2022, the Cedi, which lost 45.1% of its value against the US dollar in 2022, has since become the worst-performing currency globally.

In reaction to the government’s negotiations with the International Monetary Fund (IMF), which may involve debt restructuring, the cedi fell 3.3% on Monday, trading at 11.2750 to the dollar in Accra, Ghana.

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According to a Bloomberg survey, the cedi has performed the worst out of 148 currencies monitored when compared to the dollar. In recent times, the currency has made significant gains much to the delight of every Ghanaian.

Meanwhile, check out the latest data from the Bank of Ghana (BoG) indicating that the Ghana cedi is as of Thursday, December 15, 2022, selling at ¢9.30 and buying at ¢9.29.

SOURCE: www.Ghbase.com

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