According to Courage Martey, the pressure on the cedi as well as some external factors like inflation will further cause its depreciation. So from where we are it would not be out of place to see the Cedi recording some more depreciation,” Martey told Citi Business News. These indicators show that there is scope for the depreciation of the Cedi beyond where we are today”. The Ghana cedi begun this year [2021] with some stability, trading at GH¢5.76 pesewas per US$1, from January through to June. But the recent drop of cedi against the US dollar, in the months of July and August, saw a 2 percent drop in its value thus trading at GH¢6.
