Fitch Solutions is forecasting a 43% depreciation of the cedi to the US dollar in 2022.
It is also projecting a 30.1% fall in the value of the cedi to the American currency in 2023, which means the woes of the local currency will not get better anytime soon.
Disclosing this in its latest report on the country dubbed “Ghana’s Private Infrastructure Investment Set For Medium-Term Recovery”, it said, the continuing investor concern over the country’s large fiscal deficits puts downward pressure on the cedi.
“We expect weakness for the Ghanaian cedi to persist throughout the near term, as we currently forecast the currency to depreciate by 43% and 30.1% against the US dollar in 2022 and 2023, respectively”.
“We expect that Ghana’s inflation rate will remain high in the near term in the face of spiking global food and fuel prices and as continuing investor concern over the country’s large fiscal deficits puts downward pressure on the cedi”, it added.
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