After recent gains, the cedi falls to GH14.2 to $1; fuel prices will rise again.
After struggling to keep up with the dollar last week, the cedi has started the week poorly.
The cedi has significantly depreciated against the dollar, trading at GH14.2 to $1 on the retail/forex market.
The local currency has also fallen significantly in value against the Euro and the Pound.
After holding up the American dollar last week, the Ghana cedi began the week with a poor showing on Monday, November 7.
After initially quoting GH13.95 to the dollar, forex bureaus are now quoting GH14.2 to the dollar. This means that the cedi lost about 25 pesewas to the dollar just hours after trading began on Monday.
According to the Bank of Ghana's interbank rates, the cedi is selling for GH13.014 to $1.
Not only is the cedi struggling to keep up with the dollar. The cedi suffered significant losses against the pound sterling and euro.
£1 is currently selling for GH15.60 on the interbank market and a little more than GH16 cedis on the forex market.
In addition, the €1 is currently selling for GH13.60 on the interbank market and GH14.22 on the retail market.
This comes just two days after vice president Dr Mahammudu Bawumia was booed at a public event in the Volta Region.
The vice president was applauded by Anlo residents on Saturday, November 5, 2022, at the Hogbetsotso festival after attempting to outline the administration's achievements.
The vice president, regarded as an economic wizard, once boasted that the economic management team he leads has arrested and locked up the dollar, a symbol that the cedi's depreciation has been tamed.