Cedi Drop Pushes Up Ghanaian Banks’ Hard-Currency Loans

Analyst are concerned the economic management team are mute on strategy to solve the cedi crisis

Ghanaian banks’ foreign-currency advances jumped to the highest in at least four years as the cedi weakened, Bloomberg reports.

The cedi value of the loans was 27% higher at the end of October than a year earlier, after the currency weakened 13% against the dollar.

Borrowers in Ghana who earn foreign currency are allowed to take up credit in dollars, euros and pounds, at a much cheaper interest rate, for loans ranging from mortgages to business.