Friday, August 22, 2014
Will Ghana go the full Zimbabwe?
businesses report that sales have slumped by over 50% as a result. Even here in Accra children that once had enough to eat are now going hungry as a result of the loss of purchasing power due to the collapse of the cedi. There is a real possibility that the cedi which has plunged from 2.2 to the dollar in December 2013 to 3.9 to the dollar today may go to 10 cedis to the dollar before the end of the year. After that it is possible that the cedi will go the full Zimbabwe and become replaced by other currencies due to the force of the market rather than a more gentle switch to a more stable currency as happened in Ecuador.