Cedi breaks the 8, selling at GH¢8.12

Cedi woes show Ghana has no dollar reserves - Isaac Adongo

Traders want government to peg cedi at a fixed rate

GUTA calls on government to take urgent action to arrest the cedi

Ghana's cedi has passed the GH¢8 mark to sell at GH¢8.12. This is according to AfriSwap.com

The Cedi is however trading against the dollar at a buying price of GH¢7.94 whiles the British pound is selling at GH¢10.17 and buying at GH¢10.17.

The Euro is also selling at GH¢8.33 and buying at GH¢8.53 as at the time of filing this report.

Meanwhile, there have been calls on the government to take actions to stabilize the cedi against other major trading currencies.

The Importers and Exporters Association has also called on the government to peg the cedi at a fixed rate as it says the constant increase is affecting the price of imports.

Vice President of GUTA, Clement Boateng, speaking to Citi News suggested some measures that can be considered by the government in addressing the problem.

“Everything that we do is benchmarked on the dollar and we think the government must do something about the situation. If we talk about the telcos, the oil, and extractive sectors, at the end of the year, they are repatriating their profits back, and you can see the chunk of monies they take from here so the government must look at its investment laws,” he said.

MP for Bolgatanga Central Constituency, Isaac Adongo, has clapped back at the Bank of Ghana after over he calls “cooked reserves.”

In a social media post sighted by GhanaWeb, the MP wrote, “You said you have so much foreign exchange reserves at the Bank of Ghana to cover 4 months of imports. The woes of the cedi shows you don’t even have enough for one month. Dollar doesn’t respect cooked reserves.”

Note that these rates may be different at a forex bureau near you