Stonebwoy is displeased the supposed appreciation of the cedi against the dollar is yet to have any sort of meaningful impact on the street, as the price of goods and services which massively skyrocketed when the cedi was extremely devalued on the exchange market, is yet to lessen.
The new report about the cedi is that the Ghanaian currency has gone above 20% in value against major foreign currencies, particularly the US dollar, in under seven days.
Clearly, since the cedi began picking up against major global currencies worldwide, particularly its noticeable contender, the dollar, it is yet to effect any ounce of change in relation to the high rise of living throughout the country, and Stonebwoy, is eager to discover why the situation has remained the same.
Anxious for answers, the Dancehall/Raggae artiste tweeted, “Why be say Dollar rates leveling down nicely.. but prices of goods and services no dey gree to level with it.. You dey feel am??”
In October 2022, the Cedi, which lost 45.1% of its worth against the US dollar in 2022, has since turned into the most terribly performing denominational currency worldwide.
In response to the government’s dealings with the International Monetary Fund (IMF), which might include debt restructuring, the cedi fell 3.3% on Monday, exchanging at 11.2750 to the dollar in Accra, Ghana.
As per a Bloomberg study, the cedi has done poorly, compared to 148 currencies observed when weighed with the dollar. Just a few days prior, the currency has made huge gains to the joy and pleasure of all Ghanaians.
In the mean time, look at the most recent information from the Bank of Ghana (BoG), illustrating a presentation that the Ghana cedi is as of Thursday, December 15, 2022, selling at ¢9.30 and purchasing at ¢9.29.