Business mogul, Prince Kofi Amoabeng, forecasts 20 cedis to a dollar by the end of the year
The Ghanaian Cedi is suffocating under the power of the dollar, enslaving the Cedi to the fate of the US hard currency. This has compelled the business mogul, Prince Kofi Amoabeng, to forecast 20 cedis to a dollar by the end of the year.
It is not yet mid-year; however, the cedi-to-dollar rate has crossed the GHS15.00 mark, and from all indications, the local currency will continue to depreciate.
In 2016, the then-presidential candidate of the ruling party, Nana Addo, promised to deal with the free fall of the Cedi at the time, he and the current vice president, Dr. Bawumia, complained about the failure of the then NDC government to deal with the free fall.
Having deflated the efforts of the then government and indicated that the fundamentals were weak in 2016, the NPP government has failed to find lasting solutions to the depreciation of the cedi, which is now 1 dollar to Ghc15. We ask: Are the fundamentals not weak in 2024?
The forecast by business mogul, Prince Kofi Amoabeng that 20 cedis will be worth a dollar by the end of the year is not far from reality.
Businesses that import products and services are struggling to be in business since the cost of raw materials, products, and other services they import into the country continues to rise daily under the influence of the ever-rising exchange rate, which is not in favour of the Cedi.
Dollar to Cedi rates released by Afriswap Forex Bureau at 7 am on Saturday, May 18, show that the dollar is selling at GHS15.10 while the buying rate is GHS 14.70
Below are the latest exchange rates for the day
| Currency | Sell Rate |
| US Dollar¹ (USD) | 15.10 |
| British Pound (GBP) | 18.90 |
| Euros (EUR) | 16.30 |
| Canadian Dollar (CAD) | 12.00 |
| Swiss Franc (CHF) | 16.50 |
| Naira² (NGN) | 13.00 |
| South African Rand (ZAR) | 1.20 |
| West African CFA² (XOF) | 24.50 |
READ: Live Currency Exchange Rates (USD, GBP, EUR, JPY, AUD)
| Currency | Buy Rate |
| US Dollar¹ (USD) | 14.70 |
| British Pound (GBP) | 18.30 |
| Euros (EUR) | 15.70 |
| Canadian Dollar (CAD) | 11.00 |
| Swiss Franc (CHF) | 15.50 |
| Naira² (NGN) | 9.00 |
| South African Rand (ZAR) | 0.40 |
 West African CFA² (XOF) |
22.00 |
