On Today's Fintech Friday edition, Adrian explores the Ghanaian Cedis reaching an all time low of one pound sterling to eighteen point seventy-five Cedis (£1 to GHC 18.75 Cedis).

Bloomberg reports:

"Ghana’s cedi is in a record-breaking weakening cycle. The currency hasn’t gained versus the dollar in the past 22 trading sessions, the longest streak according to data compiled by Bloomberg going back to 1994. The cedi traded 0.3% weaker at 13.9310 by 1 p.m. in London. It’s declined 14% this year, a slump beaten only by currencies that have been devalued, including the Egyptian pound and Nigerian naira."

Dr Andrews Ayiku also writes:

"The falling cedi has made it more difficult for SMEs to function successfully and compete in the market.These enterprises frequently operate with thin profit margins and insufficient means to hedge against currency changes, making them more vulnerable to the negative effects of the cedi’s depreciation."

How the declining Cedi is impacting businesses:

• Increased production costs
• Credit Loan difficulty
• Challenges with cash flow
• Volatility in input prices
• Decreased competitiveness in export markets
• Inflationary pressures

Listen to previous Fintech Friday Episodes:

Fintech Friday #3 | Empowering Women in Crypto and Fostering Financial Inclusion | Yande Namvete (Binance Africa)

Fintech Fridays #2 | Funding Raised by Start-ups in Ghana and Africa since 2019 | Biggest African Startup Deals of 2023

Fintech Fridays #1 | MoMo in Ghana hits a Trillion | Bank of Ghana suspends transfer services | Cedis depreciates in time for December in Ghana tourists | Car Loans to be available through Ghana Card

Social Media

Let us know your thoughts! Join the conversation on our Social Media handles: @thesoundofaccra

YouTube: https://youtube.com/thesoundofaccrapodcast

Instagram: https://www.instagram.com/thesoundofaccra/

TikTok: https://www.tiktok.com/@thesoundofaccra

Twitter: https://twitter.com/thesoundofaccra

Facebook: https://web.facebook.com/thesoundofaccra

Linkedin: https://gh.linkedin.com/company/the-sound-of-accra

Resources

Website: https://thesoundofaccra.com

Start a profitable business with Skool: https://thesoundofaccra.com/skool

Rent anything in the UK: https://fatllama.com/r/adri-6451b

Free Podcast course: https://skl.sh/2TRY0fN

Start or uplevel a podcast: https://www.atozpodcasting.com

Support the show

https://www.paypal.me/gofundad

Listen to more episodes below

https://linktr.ee/thesoundofaccrapod

About The Sound of Accra Podcast

Our mission is always the same, to promote Global Ghanaian excellence. And always to bring you closer to Accra, whenever you are, with powerful stories that make you want to take action in your career, business or personal life. 

For 4 years, we have been championing Ghanaian business, entrepreneurship and Creators through podcasting.  To this date, we've achieved 10s of thousands of audio downloads worldwide and published well over a 150 episodes.

We are trying to grow our global audience and reach more people and become an established brand in a go to resource for learning about native and diasporan Ghanaian Creators, entrepreneurs and founders worldwide. 

I'm kindly asking for your help. Yes, all of you. To leave a review on Apple Podcasts and Spotify, the most popular podcast platforms that you all listen to us on.

If you have feedback for our shows or would like to share what you would like to hear from The Sound of Accra Podcast, please email info[at]thesoundofaccra.com