Cedi depreciation averaged 6.2% in 2024 first quarter – BoG report

In the March 2024 Summary of Economic and Financial Data, the Bank of Ghana has revealed that the Ghana cedi witnessed an average depreciation of 6.2% against the three major trading currencies: the Dollar, Pound, and Euro.

The report explained that this represents a significant decline in the 22.3% average depreciation recorded as of March 2023.

The Central Bank pegged the cedi at GHS 12.74 to $1, marking a year-to-date depreciation rate of 6.8%.

The depreciation rates for the cedi against the dollar for January, February, and March were 1.3%, 4.7%, and 6.8%, respectively, the report added.

On a year-on-year comparison, there was a notable reduction in the depreciation rate of the cedi against the American greenback.

In March 2023, the depreciation rate stood at 22.1%, compared to the 6.8% recorded in March 2024.

Similarly, the local currency has depreciated by 6.7% year to date against the pound and 5.2% against the euro.

The depreciation rate against the pound stood at 24.3%, while against the euro, it was 23.6% as of March last year.