The Cedi is currently selling at GHC 11 to a dollar at bureaus and with bank of Ghana’s weighted average being 9.6375, selling at 9.6423 and buying at 9.6375 as of 7th October 2022.
Computation of the reference closing rate by the bank of Ghana is done on a daily bases (Thus data covering all spot transactions on interbank market and transactions that ensure between customers having nominal values of USD 10,000 or more) where by all banks submit their data on all spot US Dollars and Gh Cedis transactions are concluded on the day before 2;00pm.
The Cedis depreciation has been a major for Ghanaians especially for businessmen and women who rely on imports to do business. These individuals apparently will have to purchase few dollars with more cedis and this reflect in the pricing of general goods and services.
The Ghanaian economy generally is fueled by imports and most companies purchase inputs and even finished goods from oversees. The exchange rate culminates into a stronger dollar and a weaker cedi hence prices of importation and duty charges have significantly increased reflecting in prices on the market.
Global economic crises due to post-Covid recovery and Ukraine-Russia war have seen most global currencies struggling against the US Dollar rendering many economic currencies weaker than the dollar.
Ghanaian economy is reliance on imports and most individual disposable incomes have remain same amidst rising prices of goods and services and other unpleasant economic situations. Depreciation of the Cedi and another blow to Ghanaians as all hopes to arrest the dollar seem lost.