As the world is racing against time to find a vaccine for the deadly coronavirus pandemic, nicknamed Covid-19, the Ghanaian cedi, has remained defiant of all that is happening.
The cedi, has after few months of relative stability, assumed it envious position of losing grounds against all the three major trading currencies on the interbank currency forex market.
According to a report filed by Graphic Business, “The US Dollar appreciated by 1.01 per cent to sell at ¢5.60 on the interbank currency market. The year-to-date depreciation of the cedi thus rose to 1.20 per cent.
The British Pound edged higher, buoyed by receding risk sentiments following news of positive trial results on patients treated with Covid-19 test drug Remdesivir.
The currency traded at ¢7.06 on the interbank currency market as it appreciated by 3.71 per cent. The year-to-date appreciation of the cedi narrowed to 3.65 per cent.
The Euro also held onto its gains against major peers supported by the weaker dollar which blurred the impact of a dovish stance by the European Central Bank.
The Euro thus recorded a week-on-week gain of 2.23 per cent to sell at ¢6.13 on the interbank currency market. The year-to-date appreciation of thus reduced to 1.36 per cent.”
Many analysts, had attributed the Cedis recent performance as a results of the Covid-19 pandemic, because a country like Ghana, which is heavily import dependent, had to reduce the quantity of goods imported, following the closure of international borders and movement of persons, goods and services suspended.
As the virus continues to ravage nations and peoples, the local currency, wants to assume it trajectory of inflicting untold hardships on ordinary Ghanaians.
Anytime the cedi depreciates, it automatically leads to the increase in prices of goods and services.
This newspaper, views the sudden depreciation of the cedi, as a bad omen, that must be stem as quickly as possible.
Behind every crisis and the negative feelings it usually evokes, are limitless opportunities, which if taken advantage of, becomes a blessing of some sort.
This newspaper is of the considered opinion that, it is time for Ghana and Ghanaians to begin to put in place structures and services that will benefit from the lessons of Covid-19.