The value of the Ghanaian Cedi continues to plummet against major currencies, notably the US dollar, posing a significant challenge to the economy. As of Tuesday, July 9, 2024, at 8:40 AM, checks by GhanaWeb Business reveal the local currency is selling at GH¢15.25 to $1 at several Forex bureaus.
The decline of the Cedi extends to other currencies like the British Pound Sterling and the Euro. For instance, it trades at GH¢19.50 to £1 and GH¢16.24 to €1 across major forex bureaus nationwide.
According to international news portal Bloomberg, the Ghana Cedi ranks as the fourth-worst performing currency among 150 global currencies tracked. This assessment follows weakened performances of the Egyptian Pound, Nigerian Naira, and Lebanese Pound.
Since the start of the year, Ghana’s currency has depreciated by 21% against the US Dollar. Experts attribute this record-low performance to heightened demand for dollars to import essential goods like petroleum products and pharmaceuticals.