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Ghana Cedi Depreciates By 4% To US Dollar

The Ghana Cedi neared a four percent depreciation to the US Dollar on Tuesday as demand by importers continued to rise.

The local currency declined in value by 0.4 to the American currency last week.

West Africa’s worst performing currency; the Ghana Cedi has been projected to depreciate by about 5 percent this year.

This means it will trade at two cedis to a dollar by the end of December.

Analysts expect the Central Bank to reinforce the exchange rate policy and liquidity management efforts to the local currency.