The Ghanaian cedi is under fresh attack, and ordinary Ghanaians are paying the price. This morning, checks at one of the major commercial banks in Accra revealed the U.S. dollar is selling at GHS 12.00. But step outside the banking halls, and forex bureaus are quoting GHS 12.85 to $1 \u2014 a shocking 85 pesewa difference.<\/p>\n\n\n\n
For many, this widening gap has become a nightmare. Travelers, importers, and small businesses say the situation is bleeding their pockets dry.<\/p>\n\n\n\n
\u201cThis is unbearable,\u201d lamented a young traveler preparing for an overseas trip. \u201cI went to the bank and was told GHS 12, but at the bureau I needed GHS 12.85. That small difference takes away hundreds of cedis when you\u2019re exchanging larger amounts.\u201d<\/p>\n\n\n\n
Importers are equally worried. \u201cI bring in goods from Dubai, and the difference in rates is killing my profit margin,\u201d complained Kwesi Owusu, a spare parts dealer at Abossey Okai. \u201cAt this rate, we will have no choice but to increase prices, and customers will blame us \u2014 but the real problem is the exchange rate.\u201d<\/p>\n\n\n\n
A Strain on Everyone<\/strong><\/p>\n\n\n\n The dollar gap has sparked anger across trading circles. Business owners say their cost of importing goods has risen sharply, while travelers now spend more to secure the same amount of foreign exchange. Families paying school fees abroad or supporting loved ones outside the country are also feeling the squeeze.<\/p>\n\n\n\n Economists warn that the parallel market surge is a red flag. It signals rising demand for dollars outside the banking system, a development that threatens to worsen inflation and weaken investor confidence in the economy.<\/p>\n\n\n\n Demands for Urgent Action<\/strong><\/p>\n\n\n\n Industry players are calling on policymakers to act fast before the situation gets out of hand. \u201cThe government and Bank of Ghana must step in. If the gap keeps widening, the cost of living will spiral, and ordinary Ghanaians will suffer more,\u201d an importer noted.<\/p>\n\n\n\n For now, the reality is harsh: travelers and traders alike are losing money daily as the cedi battles the world\u2019s most powerful currency.<\/p>\n","protected":false},"excerpt":{"rendered":" The Ghanaian cedi is under fresh attack, and ordinary Ghanaians are paying the price. This morning, checks at one of the major commercial banks in Accra revealed the U.S. dollar is selling at GHS 12.00. But step outside the banking halls, and forex bureaus are quoting GHS 12.85 to $1 \u2014 a shocking 85 pesewa […]<\/p>\n","protected":false},"author":8,"featured_media":46235,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_post_source_name":"","_post_source_url":"","footnotes":""},"categories":[61],"tags":[8966,4553,5304,7358,9330,5059,8364,6672,11977,11337,5195,9309,6695,5196,6738,12774,6305,192,4521,12502,6032,2264,12773,6546,10454,10742,5612,9341,13256,12103,10390,10214,6736,9247,11068,8050,13307,5401,11978,6348,6004,36,5140],"class_list":["post-46234","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-abossey-okai","tag-accra","tag-attack","tag-bank","tag-banks","tag-cedi","tag-cedis","tag-cost-of-living","tag-crdi","tag-demand","tag-dollar","tag-dollars","tag-dubai","tag-economy","tag-families","tag-fees","tag-forex","tag-ghana","tag-ghanaian","tag-ghanaians","tag-goods","tag-government","tag-increase","tag-inflation","tag-killing","tag-market","tag-money","tag-pesewa","tag-players","tag-price","tag-prices","tag-rates","tag-school","tag-spare","tag-spare-parts","tag-traders","tag-trading","tag-travelers","tag-traveller","tag-us","tag-usd","tag-world","tag-young"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts\/46234","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/comments?post=46234"}],"version-history":[{"count":1,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts\/46234\/revisions"}],"predecessor-version":[{"id":46236,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts\/46234\/revisions\/46236"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/media\/46235"}],"wp:attachment":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/media?parent=46234"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/categories?post=46234"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/tags?post=46234"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}