Sales of the US dollar stood at US$25 million. This translate into a percentage shortfall in supply of about 80 percent.
According to a Bloomberg report, the Ghana Cedi depreciated by 18.21 percent against the U.S dollar in the first quarter of 2022. This places the Cedi as the worst-performing currency in Africa while the Angolan Kwanza is the best-performing currency in Africa as it currency appreciated by 24 percent against the dollar.
the Ghana Union of Traders (GUTA) has called on regulators of the forex market to fast-track the proposal of making the Chinese Yuan as the only trading currency when doing business with China. They believe such a move will reduce pressure on the Cedi because imports will not be done with US dollars as most Ghana's import currently come from China because of their cheaper
Some commercial banks in the country are happy in the wake of the speed depreciation of the country’s fait currency, the cedi, as it increases their net foreign assets in cedi terms.