The retail exchange rate for the Ghana cedi to the dollar as of Saturday, October 8, 2022, is 11.2 to 1.
This implies that corporate operating expenses, particularly those related to manufacturing, will grow, which will lead to increases in some market goods’ pricing and, ultimately, inflation.
According to reports by Joy Business, there aren’t enough dollars in circulation, hence demand for them is continuing to rise.
Some forex bureau operators said that the Bank of Ghana’s most recent move had not produced significant results.
The Ghana Cocoa Board (COCOBOD) and the Ministry of Finance signed the $1.13 billion Cocoa Syndicated loan, which the Bank of Ghana (BoG) had stated would support the cedi.
According to the BoG, these factors include “the strength of the US dollar, Investor response to Credit Rating Downgrade, Non-Rollover of Mature Bonds, The Sharp Rise in Crude Oil Prices and Impact on the Oil Bill, Loss of External Financing.”