Ken Ofori-Atta, Ghana's minister of finance, has revealed that as of September 27, 2022, the Ghana cedi had lost 37.1 percent of its value against the US dollar.

Since the beginning of this year, the local currency has experienced a dramatic decline in value versus the major trading currencies, particularly the US dollar.

A high cost of living has come from the cedi's poor performance in the retail market and forex bureaus, where it is now trading at roughly GH10.50 to the US dollar.

However, Ken Ofori-Atta told reporters at a news conference that the Bank of Ghana has implemented some improved steps to combat the depreciation of the cedi.

“Some of these measures entail a Special Foreign exchange auction for bulk distribution companies and a Gold Purchase Programme to contain the depreciation of the cedi, which is now slowing down,” the Finance Minister said.

At the start of 2022, demand for forex overtook supplies during a period when high debts and low investor confidence have made it impossible for Ghana to access the international capital market for borrowing.

The situation has resulted in the persistent depreciation of the Cedi against the major trading currencies.

As at July this year, the cedi lost its value by more 20 percent to the US dollar.

In addition, recent economic downgrades by international rating agencies such as Fitch and Standards & Poors’ has also impacted the investor community at large, while Ghana awaits an IMF support programme which is expected to be accessed in 2023.