Cedi now selling at GH¢15.25 to $1 at major forex bureaus

The Ghana Cedi continues to experience a decline in value against major trading currencies, particularly the US dollar.

As of Tuesday, July 9, 2024 at 8:40 AM, checks by GhanaWeb Business showed that the local currency is selling at GH¢15.25 to $1 at some forex bureaus.

The decline in the Cedi's value is also evident among other trading currencies such as the British Pound Sterling and Euro.

For instance, the local currency is going for GH¢19.50 to £1 while selling at GH¢16.24 to €1 at major forex bureaus across the country.

International news portal Bloomberg recently ranked the Ghana Cedi as the fourth-worst performing currency among 150 top currencies tracked globally.

The verdict on the Cedi comes after the Egyptian Pound, Nigerian Naira, and the Lebanese Pound also experienced weakened performances.

Ghana's local currency has declined in value by 21% against the US Dollar since the beginning of this year.

The record-low performance of the Cedi has been attributed to increased demand for the US dollar to purchase petroleum products, pharmaceuticals, and other imported goods.

SA

Watch the latest edition of BizTech:



Ghana’s leading digital news platform, GhanaWeb, in conjunction with the Korle-Bu Teaching Hospital, is embarking on an aggressive campaign which is geared towards ensuring that parliament passes comprehensive legislation to guide organ harvesting, organ donation, and organ transplantation in the country.

Click here to follow the GhanaWeb Business WhatsApp channel