American economist Prof. Steve Hanke has issued yet another stinging verdict on the Ghanaian economy citing the depreciating of its currency, the Ghanaian cedi.
He alleged via Twitter that the economy was in shambles blaming same on President Nana Addo Dankwa Akufo-Addo.
He described the cedi as ‘rubbish’ citing his personal depreciation meter which said the currency had depreciated by close to 50% since January 1, 2023.
“In #Ghana, the #cedi is rubbish. By my measure, the cedi has depreciated ~49.31% against the USD since Jan. 1, 2022. Thanks to Pres. Akufo-Addo, Ghana’s economy is in shambles,” his tweet of February 11, 2023 read.
Cedi sells at GH¢12.50 to $1, GH¢10.80 on interbank market as of February 10
The Interbank forex rates from the Bank of Ghana as of Friday, February 10, 2023; showed that the Ghana Cedi was trading against the dollar at a buying price of GH¢10.7929 and a selling price of GH¢10.8037.
24-hours earlier, it had a buying price of 10.7930 and a selling price of 10.8038.
Meanwhile, at forex bureaux in Accra, the dollar was being bought at a rate of 12.00 and sold at a rate of 12.50.
GhanaWeb’s forex bureau rates are provided by Afriswap Bureau De Change in Osu, Accra.