Ghanaian journalist, Bridget , has expressed grave concern about the escalating exchange rates.

Through the X platform, Bridget Otoo conveyed her unease regarding the servicing of external debts, emphasizing at a lack of proactive measures from the government.

She pondered whether the Akufo-Addo-led administration intentionally deferred debt servicing until after elections—a decision she deemed perplexing and detrimental.

"Eiiii $1=15? We are not Paying out external debts oooooo Is it that this incompetent government has decided not to service it till they are voted out? …. It makes zero sense," she wrote.

Eiiii $1=15? We are notPaying out external debts ooooooIs it that this incompetent government has decided not to service it till they are voted out? …. It makes zero sense...— Bee (@Bridget_Otoo) May 11, 2024

Meanwhile, a renowned financial and media entity, Bloomberg, has foreseen a further depreciation of the Ghanaian cedi by the conclusion of 2024.

The projected rate stands at GH¢15.98 against the dollar.

Data from the Ghana Association of Forex Bureaux reveals a depreciation exceeding 14% since the year's commencement.

Presently, the dollar is traded at GH¢14.75 in retail markets.

On a global scale, Bloomberg highlighted the cedi's prolonged weakness against major currencies, marking its lengthiest period of decline in 22 trading sessions, as per Bloomberg's records dating back to 1994.

The methodology employed by Bloomberg for cedi projection relies on forward pricing, determined by spot rates and interest rate disparities between the two currencies.

Bloomberg attributed the dwindling dollar supply to a decline in cocoa revenue, with exports plummeting by almost a third to $508 million in the initial months of the year due to adverse weather conditions, diseases, and fertilizer shortages.