The Trading Economics, a firm which forecasts several economic indicators of countries has projected that the local currency will hover around GH¢5.80 to the dollar by the end of the first quarter of 2020.

According to the firm, the cedi will also inch up to GH¢5.90 in the second quarter of 2020 and subsequently to GH¢6.01 in quarter three and GH¢6.11 in quarter four.

The Trading Economics made the projections in its forecast for Ghana in 2020.

Cedi constant depreciation

The cedi constantly depreciated against major foreign currencies in the previous year.

The depreciation, according to the Bank of Ghana, was due to several reasons which included trading in foreign currencies and some external factors beyond its control.

The central bank, however, said it will put lots of measures in place to halt the menace.

At the beginning of this year, the cedi was about GH¢5.65 against one dollar.

It, however, ended the year 2019 with a depreciation rate of about 12.9% to the US dollar, the highest since 2015.