Dollar, pound, euro wallop cedi amid rising economic pressure

The value of Ghana’s local currency, the cedi, has depreciated against all major trading currencies, according to the latest Bank of Ghana report.

The central bank’s September 2024 Summary of Economic and Financial Data reveals a 24.3% depreciation of the cedi against the US dollar, up from 21.3% in August.

On a year-on-year basis, the depreciation rate has seen a marginal increase from 22.9%. The cedi is currently trading at GH¢15.70 to the dollar, a sharp drop from GH¢11.12 recorded in September 2023.

Against the British pound, the cedi has depreciated by 27.7%, compared to 22.9% during the same period last year.

The currency’s depreciation against the euro has also worsened, rising to 25.0% from 22.3% in 2023.

This decline comes at a time when the government is urged to implement long-term solutions to relieve the pressure on the local currency.

Despite expectations for relative stability following the release of the second tranche of Ghana's USD 3 billion Extended Credit Facility from the International Monetary Fund (IMF) earlier this year, along with additional foreign inflows from donor partners, the cedi continues to lose value.

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