Ghana’s local currency, the cedi stood at GHS4.03 to a dollar by close of day Friday August 28,2015 after ending the previous week at GHS3.80.
This made the currency fall among the worst performing currencies on the continent, depreciating more than 20 percent from the beginning of the year.
The Bank of Ghana some few weeks back halted the fast depreciation by pumping US$20million into the economy every day, but some market observers believe the central bank has stopped the move, hence the depreciation.
The Bank of Ghana (BoG) has however attributed the depreciation of the cedi to activities of speculators.
The central bank has laid the blame on the doorstep of people it say talk down the currency to cause excess demand for the dollar.
It further pointed out that some individuals and businesses were aggressively buying the dollar in anticipation of a short supply in the near future.
