Ghana’s currency continues to face ongoing depreciation against key international currencies, including the US dollar.
Despite experiencing a brief period of relative stability in July, when inflationary pressures showed signs of easing, the cedi has struggled throughout the year.
As of October 17, 2024, at 10:00 AM, recent checks by GhanaWeb Business indicate that the cedi is trading at GH¢16.55 per dollar. Meanwhile, the British pound is valued at GH¢21.37 at various forex bureaus across the nation, and the Euro stands at GH¢17.90 in the retail market.
According to a report from Bloomberg, the cedi has seen a slight weakening of 0.1%, trading at GH¢15.67 per dollar. This decline adds to the challenges facing Ghana’s economy, particularly concerning business pricing strategies.
In the past month, the cedi has dropped nearly 1% against the dollar, contributing to a significant depreciation of about 24% for the year, as reported by Bloomberg.
Additionally, the news portal noted that Ghana’s dollar bonds set to mature in 2032 increased by 0.2 cents, reaching 52.36 cents on the dollar as of 11:38 AM on September 11, 2024, in London.