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.

Download our mobile app today.

Android - Google Play Store

iPhone - Apple App Store

Recommended Articles

Recommended Videos




Top Articles

1 Election 2016 Ghana's presidential candidates make final push before votebullet
2 Redevelopment Mahama opens Kejetia market today [Photos]bullet
3 Chaos At Bus Stations NDC, NPP hijack buses at terminals as...bullet
4 In Central Region Police intercept a bunch of cedi notes in over...bullet
5 Fraud Alert Fake US Embassy in Ghana shut down after a decade of...bullet
6 Election 2016 Fuel stations may come under attack on Dec 7 -...bullet
7 In Eastern Region NDC DCE robbed at gunpointbullet
8 Election 2016 Weapons allegedly seized from an NDC sympathiserbullet
9 His Excellency Top 10 John Mahama quotes that will shock youbullet
10 Judgment debt Supreme Court adjourns Amidu vs Woyome...bullet

Top Videos

1 Kwame Nkrumah Interchange Water leaks from hole in wall at new Kwame...bullet
2 Obinim saga We had sex only once - Obinim victims confessbullet
3 Elections 2016 Nana Addo holds conference in Kumasi ahead of Dec 7...bullet
4 Obinim What happen'd when we fact checked Obinim's Bible knowledgebullet
5 Video IEA Presidential Townhall 2016bullet
6 Ghana's 1966 coup Kwesi Pratt Junior recalls the overthrow of...bullet
7 Watch Kumchacha delivers Counselor Lutterodt from 'demons'bullet
8 Woyome Judgement Debt Kweku Baako dances over Amidu's winbullet
9 Video Taxi driver terrified after an encounter with a ghostbullet
10 Video Florence Obinim defends husband Bishop Obinimbullet

News