It is only 4 months into the year and the cedi has already depreciated by about 15% against the US dollar.
For just $1 one needs GH¢3.80.
Oil marketing companies such as Star Oil say unless the cedi stabilizes, a shortage of petroleum products will be inevitable.
The Chief Executive of Star Oil Company Ltd, Vincent Kaledzi tells Joy Business the picture is gloomy, “we’ll be in trouble very soon because of our weakening cedi. The cedi is getting weaker and weaker whereas the dollar gets stronger and stronger.”
He adds: “I’m expecting a shortage soon. The exchange rate is so bad that the banks are feeling reluctant to offer credit to the Bulk Oil Distribution Companies. The situation doesn’t look good.”