In 2007, Ghana made a new currency which was performing very well to the US dollar. The rate at that time was ¢1 to $1. However, the rate has been on the increase since that date. The current cedi rate to the US Dollar is 5.85.
The cause of this fall in value of the cedi to the dollar is mainly caused by the importation of goods from other countries. When a lot of goods are imported into the country, a lot of money exchange happens. More cedis must leave the country to be replaced by the dollars. If there is a balance of trade, then there will be no fall in value of the cedi. However since the importation is so high in the country, it calls for a fall in the value of the Ghanaian cedi.
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