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Cedi appreciation meets with conflict reactions on social media

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Cedi appreciation meets with conflict reactions on social media

Cedi appreciation meets with conflict reactions on social media File photo of Ghana cedis and dollar notes
File photo of Ghana cedis and dollar notes

Since last week, the Ghana cedi has appreciated noticeably versus a number of important foreign currencies, most notably the dollar.

This indicates that the Ghana cedi has become somewhat more stable in relation to the dollar. As of December 14, 2022, the average exchange rate for the dollar at forex bureaus is GH11.10 for buying and GH10 for selling.

According to some accounts, the recent strength of the cedi is to blame for the current weakness of the dollar.

While the Euro is being purchased at GH11.30 and sold at GH12.20, the British pound is being purchased at GH13.50 and selling at GH14.50.

 

Numerous exchanges have resulted from this on social media. Some people believe it to be a nine-day wonder, while others have praised the administration for the success of the activities.

However, given that the prices of goods and services are the primary causes of inflation, some consumers want the appreciation to have an impact on those costs.

Below are some of the reactions:

Okatatkyie Afrifa on Facebook said “ECONOMICS IS NOT JUJU.
If you ask them what they have done to appreciate the DOLLAR, they can’t even tell. Who doesn’t know the CEDI is appreciating to the DOLLAR because there is no heavy demand on the dollar? After all traders have brought in Christmas goods already. Is it NOT true that people who came for Christmas have brought a lot of Dollars into the system?

Yes it is true the CEDI is doing well but it is also true that the managers themselves are even shocked at the overnight appreciation.
We should stop celebrating MEDIOCRITY as a people!!! #YP.”

60999158

Cedi appreciation meets with conflict reactions on social media

Cedi appreciation meets with conflict reactions on social media

Cedi appreciation meets with conflict reactions on social media

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