The Ghanaian cedi has dropped by an incredible 47.10% against the US dollar starting from the beginning of the year.

Since January, the cedi has quickly devalued against the US dollar, making it the world’s second-most awful performing currency after the Sri Lankan rupee.

Additionally, Ghana’s inflation progressed quicker than extended in July, as the worth of the cedi fell, raising the cost of imported products like cooking gas.

Shockingly, the main inflation rate in Ghana expanded to 31.7% in July 2022 from the earlier month’s 29.8%. Notwithstanding, efforts by the Central Bank to contain the rising inflation, the buying force of Ghanaians has kept on declining.

The Central Bank released the most stiffish monetary policy towards pushing the loan cost to 19% from 17% to stop the fall of the Ghanaian currency and inflation.

As at the time of writing this article, the Ghana Cedi was exchanging against the US dollar at 8.8995, representing a YTD decline of 47.10%, and a 10% drop.

In any case, cost pressures are supposed to begin facilitating as Ghana moves toward its collect season and the expense of wheat and other worldwide wares declines. In any case, the national bank might be convinced to raise the expense of getting further one month from now assuming the cedi keeps on devaluing.

The contention among Russia and Ukraine significantly affects Ghana’s swapping scale, especially in the development, horticulture, and global exchange areas. Russia and Ukraine represented around 2.5% of Ghana’s complete non-oil imports and 0.4% of Ghana’s all out trades.