You should choose a foreign currency which has experienced an appreciation or decline in comparison to the U.S. dollars over the past weeks, months, and/or two years. At least two factors are needed to support appreciation and depreciation. These include differences in monetary policy, inflation rates or interest rates as well capital flows. The reasons the selected factors had the effect they did are explained.
In the last months, Ghana’s national currency, The Cedi, suffered a massive loss of 18% against US dollars. It is now the most underperforming African currency after Zimbabwe (Sarkodie and AfricaNews, 2022). The Bank of Ghana’s monthly exchange rate indicator showed that the U.S. Dollar Ghanaian Cedi was at 7. The April exchange rate indicator from the Bank of Ghana shows that the U.S. Dollar Ghanaian Cedi traded at 7. The Ghanaian currency’s free fall against foreign currencies could be due to many factors. For example, the increase in foreign currency demand by the country to pay for its imports can also explain the decline. The country was unable to borrow money from the international capital markets.
This widely impacted the country’s economy over this short period. Although measures were implemented to combat the negative effects of the devaluation
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