Thank you ruling party! The cedi seems to be falling pretty quickly. USD/GHS rates posted at the mall are 2.22-2.30. The chart above is to change US dollars into Ghana cedis. Unfortunately, the bank rate is slow to catch up. The exchange rate at banks is 2.07. The cedi has lost three percent against the dollar in a month. And it looks like it will only get worse.
Though my business expenses are in cedis, it is matched by sales in cedis. Yes, this is bad for business because we will have to raise rates and no one will be happy.
My personal expenses are all in cedis so a depreciation is greatly appreciated (like the pun!). It always takes times for locals, e.g. taxi drivers, restaurants, workers, to realize that they need more money to finance their expenses.