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.
Bank of Ghana’s sources quote the Ghanaian Cedi selling at GH¢ 15.1391 to the US Dollar and being bought at GH¢15.1315 to the US Dollar, also selling at GH¢19.9760 and being bought at GH¢19.9653 to the British Pound Sterling as of August 23, 2024.
Following weeks of stabilized performance that has cast some hope on businesses and business owners, Monday’s report on the currency’s performance from Forex market paints depreciated values as the currency has continued to weaken agianst the US Dollar and with the British Pound surpassing GH¢21 on Monday, August 26, 2024, and currently selling for GH¢21.07.
As the cedi continues to struggle with respect to foreign currencies, the government and financial institutions face mounting pressure to implement measures that could stabilize the currency and prevent further depreciation, which could have significant implications for the country’s economy.
The cedi’s poor performance has not gone unnoticed on the international stage. Recently, Bloomberg ranked the Ghanaian currency as the fourth-worst performing among 150 top currencies tracked globally. Despite losing nearly 23% of its value against the US dollar, the cedi has shown some relative stability, according to a Bloomberg survey. This stability, however, offers little comfort to those affected by the rising cost of imports and the overall weakening of the local currency.
In addition to the cedi’s depreciation against the US dollar, the local currency is now trading at GH¢17.86 to €1 at major forex bureaus. This ongoing decline has raised concerns among economists and market watchers about the cedi’s stability in the face of global and domestic economic pressures.
Bank of Ghana Rates: Depreciation of Ghanaian Cedi to Dollar rate
Bank of Ghana Rates
Source: GhanaWeb
