Ghana’s cedi has been steadily declining against major trading currencies, particularly the US dollar, in recent times.
As of Tuesday, August 27, 2024, at 10:00 AM, checks by the media revealed that the cedi is trading at GH¢16.01 to $1 at several major forex bureaus in Accra.
This decline is also noticeable against other major currencies like the British Pound and the Euro. The cedi is currently trading at GH¢21.12 to £1 and GH¢17.86 to €1 at forex bureaus across the country.
Internationally, Bloomberg has recently ranked the Ghanaian cedi as the fourth-worst performing currency out of 150 currencies tracked globally. According to a Bloomberg survey, while the cedi lost nearly 23% of its value against the US dollar, it showed relative stability in July of this year.
The cedi’s decline has been largely attributed to increased demand for the US dollar to finance imports of petroleum products, pharmaceuticals, and other goods.