Ghana’s local currency, the cedi, has experienced significant depreciation against major trading currencies, especially the US dollar, in recent times.
As of 10:00 AM on Friday, August 19, 2024, GhanaWeb Business reported that some major forex bureaus in Accra are selling the cedi at GH¢15.97 to $1.
This devaluation of the cedi is also noticeable in its exchange rates with other trading currencies, such as the British Pound and Euro.
For example, at major forex bureaus across the country, the cedi is being traded at GH¢20.61 to £1 and at GH¢17.58 for €1.
A recent ranking by international news portal, Bloomberg, placed the Ghanaian currency as the fourth-worst performing currency among 150 top currencies tracked globally.
According to a Bloomberg survey, although the cedi has lost nearly 23% of its value against the US dollar, it has shown relative stability.
The decline in the currency’s value, attributed to increased demand for the US dollar for the purchase of petroleum products, pharmaceuticals, and other imported goods, is a key economic factor affecting the currency’s value.