Economist, Professor Lord Mensah has expressed concern over the continuous depreciation of the local currency against major trading currencies.

He stated that the cushion provided by the cocoa syndicated loan for the cedi's stability no longer exists due to stalled plans to secure the loan.

He attributed the relative stability in October to cocoa inflows, which have been cut off due to mismanagement.

This led him to question whether the cedi will continue to depreciate or not.

On his X page, he wrote: "The October effect on the exchange rate was being protected by the inflows of the cocoa syndicated loan. Now that this loan is not coming due to cocoa board mismanagement and broken trust, should we expect the dollar to hit GHS20? The factors are not being controlled."

Ghana’s local currency continues to experience persistent depreciation against major trading currencies such as the US dollar.

The cedi, which has been under pressure throughout the year, showed some relative stability in July, while inflationary pressures continued to decline.

However, checks by GhanaWeb Business as of October 29, 2024, at 10:00 AM show that the cedi is trading at GH¢16.90 to the dollar, while the pound is trading at GH¢21.53 at some major forex bureaus across the country.

Additionally, the Euro is trading at GH¢18.03 on the retail market.

The October effect on the exchange rate was being protected by the inflows of cocoa syndicated loan. Now that this loan is not coming as a result of cocoa board mismanagement and broken trust, should we expect the dollar to hit GHS20? The factors are not being controlled.

— The Prof (@stigue2001) October 29, 2024