The Ghanaian cedi continues to face depreciation challenges, weakening further against major currencies like the US dollar, British pound, and Euro.
Despite showing some stability in July, recent data highlights the currency’s struggles amid ongoing inflationary pressures.
As of November 4, 2024, the cedi trades at GH¢17.15 to the dollar, GH¢21.66 to the pound, and GH¢18.21 to the Euro in key forex bureaus across the country.
This persistent devaluation poses significant challenges for the Ghanaian economy, particularly as import-dependent businesses may adjust their prices upward, amplifying the cost-of-living pressures on citizens and impacting inflationary trends further.
Bloomberg report: Cedi-Dollar Exchange Rate
According to Bloomberg, the cedi has lost nearly 1% against the dollar in the past month alone, adding to an annual decline of almost 24%.
Related Story: Cedi to Dollar Rate
Cedi to Dollar Rate: Depreciation Hits the Ghanaian Currency; Selling at GH¢15.99
The Ghanaian Cedi is nearing the GH¢16.00 mark as it currently sells for GH¢15.99 at various forex bureaus across the country. Details here
