Ghana Cedi shoots up as 1 dollar is now Gh¢6

At exactly 5:52 pm yesterday, the Ghana Cedi made a further depreciation in value as 1 dollar is now equivalent to GH$¢6.

What is the cedi to the Dollar exchange rate?

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At the start of the year, 1 dollar was equivalent to GH¢5.45 but it has been depreciating in value as the days go by. A simple check on Google reveals that 1 Ghana Cedi is equivalent to 6 USD in 2021.

Meanwhile, Ghana’s total public debt stock has increased once again according to new data released by the Bank of Ghana.

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The debt stock which ended the first quarter of 2021 at GH¢ 304.6 billion, increased by almost GH¢ 30 billion in April and May. This saw Ghana’s total public debt as of the end of May 2021 rising to GH¢ 332.4.

The new debt figure brings Ghana’s debt to Gross Domestic Product (GDP) ratio to 76.6% as of the end of May.

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This is the highest recorded so far in the past year, slightly higher than the debt to GDP ratio of 76.1% recorded at the end of 2020 according to data from the central ban.