Cedi-Dollar exchange rate hits GH¢16.55 as currency depreciates

Ghana’s local currency continues to experience persistent depreciation against major trading currencies such as the US dollar.

The cedi, which has been under pressure throughout the year, recorded some relative stability in July this year, while inflationary pressures continued to decline.

However, checks by GhanaWeb Business as of October 16, 2024, at 10:00 AM show that the cedi is trading GH¢16.55 to the dollar, while the pound is trading at GH¢21.39 some major forex bureaus across the country.

Additionally, the Euro is trading at GH¢17.92 on the retail market.

Meanwhile, Bloomberg recently reported that the cedi has now weakened by 0.1% to trade at GH¢15.67 per dollar, a situation that will further worsen the woes of the Ghanaian economy amidst the pricing behavior of businesses.

The cedi has traded almost 1% lower against the dollar in the past month, after declining in value by almost 24% this year, according to Bloomberg.

The portal also mentioned that Ghana’s dollar bonds maturing in 2032 rose by 0.2 cent to 52.36 cents on the dollar at 11:38 a.m. on September 11, 2024, in London.

SSD/MA

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