Ghana Cedi is a 'junk currency' going down the tubes - Prof. Steve Hanke

He cited the continued depreciation of the currency against the United States dollar since January 1, to buttress his claim about the cedi.

In a tweet accompanied by a graph showing the path of depreciation that the cedi has travelled since 2020, Hanke intimated that the local currency was all but 'junk.'

"In #Ghana, the #cedi is going down the tubes. By my measure, the cedi has depreciated ~49.32% against the USD since Jan. 1, 2022. Thanks to Ghana, my rogue's gallery of JUNK currencies just keeps growing," his tweet read.

Cedi exchange rate against US dollar: February 6, 2023

The Interbank forex rates from the Bank of Ghana today, February 7, 2023, have shown that the Ghana Cedi is trading against the dollar at a buying price of 10.7936 and a selling price of 10.8044.

As compared to Friday’s trading of a buying price of 10.7941 and a selling price of 10.8049. At a forex bureau in Accra, the dollar is being bought at a rate of 12.00 and sold at a rate of 12.70.

In #Ghana, the #cedi is going down the tubes. By my measure, the cedi has depreciated ~49.32% against the USD since Jan. 1, 2022. Thanks to Ghana, my rogue's gallery of JUNK currencies just keeps growing. pic.twitter.com/DBdOE08vbC

— Steve Hanke (@steve_hanke) February 6, 2023