Ghana Cedi hits a record low

By Reuters
Ghana Cedi hits a record low
Ghana Cedi hits a record low

Ghana’s cedi currency hit a record low on Tuesday, due mainly to global pressures as investors continued to exit emerging market assets.

 The currency of the major commodity exporter has weakened since the start of May, touching 4.8250 to the dollar on Tuesday.

“It is a combination of emerging market assets sell-off pressure and unmet corporate (dollar) demand,” a currency trader at a major lender in Accra told Reuters.

Cumulatively, the Cedi depreciated 5.3 percent in the first six months, compared to 3.3 percent in the first half of last year, according to Reuters data.

The central bank said last month it had significantly increased its weekly dollar sales to banks in support of the local currency.

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