Ghana’s currency continues to weaken against major international currencies.
The cedi is approaching the GH¢16 level, currently trading at GH¢15.99 at various forex bureaus nationwide.
As of Friday, August 23, 2024, the media reported that the cedi was exchanging at GH¢15.98 per US dollar.
On Monday, August 26, 2024, the British Pound exceeded GH¢21, with the rate standing at GH¢21.07.
For example, the local currency is trading at GH¢17.86 per Euro at leading forex bureaus.
Recently, the international news portal Bloomberg listed the Ghanaian cedi as the fourth-worst performing currency out of 150 major currencies tracked worldwide.
Although the cedi has depreciated by nearly 23% against the US dollar, it has shown some degree of relative stability, according to a Bloomberg survey.
The cedi’s decline is largely attributed to heightened demand for the US dollar to purchase petroleum products, pharmaceuticals, and other imports.