Cedi selling at GH¢15.45 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, June 18, 2024, checks by GhanaWeb Business showed that the local currency is selling at GH¢15.45 to $1 at some forex bureaus. However, on the interbank forex market, the cedi is going for GH¢14.30 to $1.

The decline in the Cedi's value is also evident among other trading currencies such as the British Pound and Euro. For instance, the local currency is going for GH¢19.53 to £1 while selling at GH¢16.53 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 latest verdict on the Cedi comes after the Egyptian Pound, Nigerian Naira, and the Lebanese Pound also experienced weakened performances.

According to recent data from Bloomberg, the Cedi depreciated by 0.2% to 14.9335 per dollar by the close of trading in Accra on Monday, June 10, 2024.

Since the beginning of the year, the local currency has declined in value by 20% against the US Dollar.

The recent 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.

MA

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