A renowned financial and media corporation, Bloomberg, has forecasted further depreciation of the Ghana cedi by the conclusion of 2024.

As per Bloomberg's projection, the cedi is anticipated to hit GH¢15.98 against the dollar.

Reports from the Ghana Association of Forex Bureaux reveal that the cedi has experienced a depreciation of more than 14% since the start of the year.

Presently, the dollar is trading at GH¢14.75 in the retail market.

In terms of its performance on the global stage, Bloomberg noted that the cedi is undergoing its lengthiest period of weakness against the dollar and other major currencies.

The local currency has not shown significant gains against the dollar in the past 22 trading sessions.

"This represents the longest streak as per Bloomberg's compiled data dating back to 1994."

Bloomberg elucidated its cedi projection methodology, stating that its "forward pricing is computed based on the spot rate and the interest rate differentials between the two currencies for the forward's tenor."

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

"It is the longest streak according to data compiled by Bloomberg going back to 1994."

The cedi's depreciation has been linked to a deficit in dollar supply to meet the escalating demand.

"forward pricing is calculated based on the spot rate and the interest rate differentials between the two currencies for the tenor of the forward."

Bloomberg blames the decline in dollar supply on "a slump in cocoa earnings, with exports dropping by nearly a third to $508 million in the first two months of the year due to adverse weather, disease, and fertilizer shortages."