Business

Ghana Cedi is a ‘junk currency’ going down the tubes – Prof. Hanke

Prof. Steve Hanke and Ken Ofori-Atta

Tue, 7 Feb 2023Source: www.ghanaweb.com

American professor of Applied Economics, Steve Hanke has forecasted that the Ghanaian currency, the Cedi, is going down the tubes.

null

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

null

The Interbank forex rates from the Bank of Ghana today, February 6, 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.

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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&frame=false&hideCard=false&hideThread=false&id=1622690845035057152&lang=en&origin=https%3A%2F%2Fwww.ghanaweb.com%2FGhanaHomePage%2Fbusiness%2FGhana-Cedi-is-a-junk-currency-going-down-the-tubes-Prof-Hanke-1709537&sessionId=f8f6a0db2b53fddb4202da0313aeb427aee3968e&siteScreenName=TheGhanaWeb&theme=light&widgetsVersion=aaf4084522e3a%3A1674595607486&width=550px

SARA

Source: www.ghanaweb.com

WATCH TWI NEWS

›

How 13-year-old who stabbed rapist to death was saved from jail

GhanaWeb Factcheck: Ken Agyapong’s claim Mahama was in power for 6 years is false

NDC reshuffle: Haruna Iddrisu takes over Collins Dauda’s front seat

Ibrahim Mahama to pay for treatment, education of former NSMQ genius

K. T. Hammond appointed trade minister, Bryan Acheampong to agric ministry

‘Drunk’ Ofori-Atta has messed up the economy – Amoako Baah

Ghanaian student in Turkey shares earthquake experience