Cedi Depreciation Cedi Free Fall Blamed On Nigeria Elections

A Currency analyst says the free fall of the Ghana cedi could be blamed on the Nigeria elections.

  • Published:
24/7 Live - Subscribe to the Pulse Newsletter!

The elections in Nigeria has been cited as one of the reasons for the steep decline of the cedi in recent weeks.

The cedi has depreciated against the dollar and is currently trading at GHS 3.80 to the dollar,leading to an increase in general goods and services around the country.

According to a Currency Analyst, Sammy Ampah, the local currency has depreciated by 3.80 per cent to the American dollar since the beginning of this year despite beginning the year at GH¢3.20 to the dollar and this he attributed to the elections in Nigeria.

According to him, there are a lot of Nigerians in Ghana doing business and investing in the economy but the election is crucial to people who transact business and until the election is over, people will not invest in Ghana.

He has also blamed the loss of foreign exchange as one of the factors contributing to the depreciation of the local currency.

The rapid fall of commodity prices on the world market, especially gold and cocoa impacted negatively on the country’s foreign exchange which also led to the depreciation of the country’s currency.

Recommended Articles

Recommended Videos





Top Articles

1 COCOBOD Matters Hackman shocked over GHc 70,000 salary for COCOBOD CEObullet
2 Cars for MDA's Prez Nana Addo halts purchase of new vehicles indefinitelybullet
3 Pension Pay 40 former MPs drag govt to court over pension paybullet
4 Photos Nana Addo’s daughters throw him a birthday partybullet
5 Mike Oquaye Ghana's Speaker of Parliament is a "big fool" -...bullet
6 REGSEC Coordinator Attack Delta Force Leader apologises to...bullet
7 AMERI Power Plant Here is the full report on the $510m...bullet
8 Wrong Robbery Suspected armed robber electrocuted at Oyarifabullet
9 AMERI Deal AMERI Power agreement was not fraudulent -...bullet
10 Sexual Abuse Lady accused of abusing pal with 'dildo'...bullet

Top Videos

1 Ghana@60 Agya Koo embarrassed Ghana at Independence Day - Asiedu Nketiabullet
2 Video Metro Mass bus catches fire on Cape Coast-Kasoa highwaybullet
3 Prophecy I predicted Kintampo accident - Prophetbullet
4 In Zimbabwe President Mugabe’s 70 year-old aide marries his...bullet
5 Meet Aisha the female mate who aspires to be a driverbullet
6 Obinim What happen'd when we fact checked Obinim's Bible knowledgebullet
7 Meet "The Beast" President Obama's Cadillac that's more tank...bullet
8 Health Alert Fufu is killing Africans - Mensah Otabilbullet
9 Video Taxi driver terrified after an encounter with a ghostbullet
10 Vitiligo Enam Honya - is challenging what you think...bullet

News