From GH¢12.46 to GH¢16.02: Cedi's performance from January 2024 to August 2024

Ghana's local currency (the cedi) has been depreciating against major trading currencies, especially the US dollar, in recent times.

The cedi began the year selling at GH¢12.46 in January.

In February the cedi sold at GH¢12.78, GH¢13.38 in March, GH¢13.39 in April, GH¢15.02 in May, GH¢15.56 in June, GH¢15.81 in July, and ended August selling at GH¢16.02.

As of Sunday, September 31, 2024, at 10:00 AM, checks by GhanaWeb Business showed that the cedi is selling at GH¢16.02 to $1 at some major forex bureaus in the capital, Accra.

This decline in the cedi's value is also evident among other trading currencies, such as the British Pound and Euro, even though it gained a few pesewas from the previous day.

For instance, the local currency is trading at GH¢21.10 to £1 while selling at GH¢17.75 from GH¢17.78 to €1 yesterday 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.

According to a Bloomberg survey, while the cedi lost almost 23% of its value against the US dollar, the local currency experienced relative stability in July this year.

The Cedi's performance has been attributed to increased demand for the US dollar to purchase petroleum products, pharmaceuticals, and other imported goods.

SSD/OGB