Ghanaian farmer and politician, John Dumelo, has projected that Ghana will next year January return to a period where the cedi depreciates further against the dollar.

His projection comes at a time when the cedi has been adjudged the  best-performing currency against the dollar since it has appreciated by 3.12% against the dollar on the retail market.

According to Mr Dumelo, this is so because import-driven companies have already secured their stock for the Christmas and no longer need the dollar to import more stuffs.

“$$ will keep coming down in the next few weeks. Reason: 1. Importers don’t need $$ now, they have enough goods for the Xmas period. 2. $$ are in the system due to Xmas visitors,” he tweeted.

However, he noted that after the Yuletide season, importers would not to restock, thus more dollar would be demanded, which would result in the depreciation of the cedi once again as seen in 2022.

"But $$ might go up in Jan cos importers need to restock & foreign companies have to repatriate profits," he added.

Since the beginning of the year, the cedi has lost more than 50% of its value against major trading currencies.

This has been attributed to external factors fueled by the USA’s revision of its interest rate to check inflation and internal factors such as speculation and dependence on imported products normally prices in dollars.

According to reports, a dollar is now trading a little over GH10.

Bank of Ghana Exchange Rates pic.twitter.com/wJJT8YFY26

— Bank of Ghana (@thebankofghana) December 14, 2022