The local currency has taken a downward trajectory and is now selling at GH¢17.15 to the US dollar at various forex bureaus.

The continuous decline of the cedi has become a major worry for Ghanaians, especially the trading community, as they need more cedis to purchase fewer dollars for business.

Speaking on the growing development, the Director of Research at the Institute of Economic Affairs (IEA), Dr. John Kwakye, has accused the Bank of Ghana of being inefficient in their work as far as the stabilisation of the cedi is concerned.

In a tweet sighted by GhanaWeb Business, he asserted that the local currency has become worthless.

Dr. Kwakye said, "BoG has become a toothless bulldog as far as the exchange rate is concerned. It has no choice but to continue to build its reserves - a requirement under the ECF - while the cedi continues to slide."

"The cedi has already been damaged beyond repair. And that's very sad. Dollar inflows have been constrained by lack of access to international capital markets, limited cocoa syndicated loan, and slow disbursements by the IMF and other donors," he stated.

The IEA Director of Research added, "BoG knows that any attempt to appreciate the cedi will have disastrous consequences. It will come at a heavy price of massive reserves loss. This will make the appreciation short-lived and unsustainable."

The cedi is now trading at GH¢17.15 to the dollar, while the pound is trading at GH¢21.66 at some major forex bureaus across the country.

The Euro, on the other hand, is selling at GH¢18.21.

According to reports, the decline of the cedi against major trading currencies will further worsen the woes of the Ghanaian economy due to businesses' pricing behavior.

SA/MA

https://t.co/OGAKlKHgNI. BoG has become a toothless bulldog as far as the exchange rate is concerned. It has no choice but to continue to build its reserves--a requirement under the ECF--while the cedi continues to slide.

— J. K. Kwakye (@JohnKwabenaKwa1) November 2, 2024

https://t.co/OGAKlKHgNI. The BoG knows that any attempt to appreciate the cedi will have disastrous consequences. It will come at a heavy price of massive reserves loss. This will make the appreciation short-lived and unsustainable.

— J. K. Kwakye (@JohnKwabenaKwa1) November 2, 2024

https://t.co/OGAKlKHgNI. The cedi has already been damaged beyond repair. And that's very sad. Dollar inflows have been constrained by lack of access to international capital markets, limited cocoa syndicated loan and slow disbursements by the IMF and other donors.

— J. K. Kwakye (@JohnKwabenaKwa1) November 2, 2024