Ghana is currently facing what may arguably be her worst economic crisis in the 4th Republic against the construct of a challenging global environment of a strong US dollar, inflation, supply chain disruptions, interest rate hikes to fight global inflation, and the ongoing Russia-Ukraine war.
Using the official Bank of Ghana (BoG) rates, the local currency Cedi has depreciated year-to-date by 52% to 12.5370. Even though inflation skyrocketed to 37.2% as at September 2022, year-end inflation is likely to rise to between 45% to 50% largely driven by recent utility price increases and currency depreciation following the 23% Cedi depreciation between 30th September 2022 and 21st October 2022. It is worth noting that, Cedi depreciation on the interbank market is 57% with quotes at GHS15.00.
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