The Ghana cedi’s virtual free fall against major trading currencies has hit a new low, as the latest data shows that the cedi has devalued past the dreaded US$1 to Ghc7 mark.
Accra-based Joy Business reports that forex bureaus and banks in the country are now selling a dollar for between Ghc7 and Ghc7.5.
These banks and forex bureaus are also buying the dollar for between GH¢6.85 and Ghc¢7 per US$1.
The cross into the Ghc7 to a dollar is coming less than two months into the New Year and the free-fall is expected to escalate as the Akufo Addo administration collapses the Ghanaians economy with an insatiable accumulation of public debt and little and extreme overspending.
Already the Ghana cedi is the second worst-performing currency in Africa, only ahead of the Zambian Kwacha.
There is fear that the cedi will soon become the worst-performing currency in the world given the rate of confusion that has gripped the Akufo-Addo government which is banking its hopes of collecting revenues from the highly volatile Electronic Levy (e-Levy) that the government is proposing.
The government has borrowed the country into a ditch making Ghana a junk economy that investors are desperately avoiding, according to reports from global rating agencies.
Meanwhile, the pound sterling is buying for between Ghc9.34 to Ghc9.35 per pound and selling at between Ghc9.40 to Ghc9.42 per pound while the Euro is buying at Ghc7.75 to Ghc7.77 per Euro and selling at Ghc7.80 and Ghc7.85 per Euro.