Business News of Thursday, 2 January 2020Source: classfmonline.comCedi ends 2019 with 12.9% fallCedi notesThe local Ghanaian currency ended the year 2019 with a depreciation rate of about 12.9% to the US dollar, based on data from the Bank of Ghana’s website. The 12.9% decline in the value of the cedi is compared to about 8.8% depreciation in 2018, 4.45% in 2017 and 9.2% in 2016. The cedi traded between GHS5.530 and GHS5.536 to the US dollar on 31 December 2019, but it was sold for about GHS5.80 at the forex bureau. The cedi experienced some sharp decline in value early last year (February 2019) after some foreign investors liquidated their investments in government bonds. Prior to the alarming decline of the cedi in February 2019, some research outfits had projected quite favourable depreciation to the American green buck.

Source: GhanaWeb January 02, 2020 08:15 UTC