The Ghanaian cedi has been on the downward pressure against the US Dollar hitting a 56-week low against the US Dollar yesterday, while the British pound hovered closed to its two-decade trough against the US Dollar on the international market as investors’ awaited key European and UK data. On the local front, the cedi has been losing above its normal trend to the dollar in recent times as investors are concerned about the fiscal and monetary policies the new government will undertake when it assume full control of the economy.

The cedi rose against the Euro and British pound and throughout last week as the sterling came under severe pressure recently as worries about UK’s economic recession loomed.