If the government gives up on making sure that the nation's current account deficit reaches a manageable level, the Ghana Cedi's problems are likely to continue this year against the US Dollar, the World Bank has warned.

The warning appeared in the January 2023 Global Economic Prospects report from the World Bank.

The research stated that "large current account deficits are anticipated to keep currencies under pressure in a number of countries, adding to inflation and external vulnerabilities (Gambia, Ghana)".

The World Bank research forewarned Ghana and other nations, but urged the government to take strict measures to manage the current account deficit in the fiscal year 2023.

The World Bank also stressed the implementation of policies targeted at boosting exports to narrow the current account deficit, while controlling excessive importation.

It noted that the implementation of these measures and policies must check rising inflationary pressures which could peak in the coming months thereby negatively impacting the local currency.

Meanwhile, the cedi has begun to experience some marginal depreciation against the US dollar since the start of 2023.

The currency is selling for around GH¢12.45 to $1 on the forex market while going for GH¢9.00 on the Bank of Ghana interbank forex market.

As of January 12, 2023, the British Pound is selling at GH¢14.70 on the forex retail market while the Euro is going for GH¢12.80 on the forex retail market.