Recently, Ghana’s local currency, the cedi, has been losing ground against major trading currencies, particularly the US dollar.
As of Wednesday, 4th September 2024, at 10:00 AM, GhanaWeb Business reported that the cedi is trading at GH¢16.06 to $1 at some leading forex bureaux in Accra.
This depreciation is also noticeable with other currencies, such as the British Pound and the Euro, although the cedi has seen a slight improvement from the previous day.
For instance, the Ghanaian currency is currently valued at GH¢21.04 to £1 and GH¢17.73 to €1 at major forex bureaux nationwide.
Bloomberg recently ranked the Ghana cedi as the fourth-worst performing currency out of 150 tracked globally.
According to Bloomberg’s survey, the cedi has lost nearly 23% of its value against the US dollar, though it showed relative stability in July this year.
The cedi’s poor performance is largely attributed to increased demand for US dollars to purchase petroleum products, pharmaceuticals, and other imported goods.