On Today's Fintech Friday edition, Adrian explores the Ghanaian Cedis reaching an all time low of one pound sterling to eighteen point seventy-five Cedis (£1 to GHC 18.75 Cedis).
Bloomberg reports:
"Ghana’s cedi is in a record-breaking weakening cycle. The currency hasn’t gained versus the dollar in the past 22 trading sessions, the longest streak according to data compiled by Bloomberg going back to 1994. The cedi traded 0.3% weaker at 13.9310 by 1 p.m. in London. It’s declined 14% this year, a slump beaten only by currencies that have been devalued, including the Egyptian pound and Nigerian naira."
Dr Andrews Ayiku also writes:
"The falling cedi has made it more difficult for SMEs to function successfully and compete in the market.These enterprises frequently operate with thin profit margins and insufficient means to hedge against currency changes, making them more vulnerable to the negative effects of the cedi’s depreciation."
How the declining Cedi is impacting businesses:
- Increased production costs
- Credit Loan difficulty
- Challenges with cash flow
- Volatility in input prices
- Decreased competitiveness in export markets
- Inflationary pressures
Listen to previous Fintech Friday Episodes:
Fintech Friday #3 | Empowering Women in Crypto and Fostering Financial Inclusion | Yande Namvete (Binance Africa)
Fintech Fridays #2 | Funding Raised by Start-ups in Ghana and Africa since 2019 | Biggest African Startup Deals of 2023
Fintech Fridays #1 | MoMo in Ghana hits a Trillion | Bank of Ghana suspends transfer services | Cedis depreciates in time for December in Ghana tourists | Car Loans to be available through Ghana Card
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