Ghana’s local currency, the cedi, has recently experienced a sharper decline against major trading currencies, particularly the US dollar.
As of Wednesday, August 21, 2024, at 10:05 AM, checks by GhanaWeb Business revealed that the cedi is trading at GH¢15.97 to $1 at several key forex bureaus in Accra.
This drop in the cedi’s value is also noticeable when compared to other currencies like the British Pound and Euro.
For example, the cedi is being exchanged for GH¢20.77 per £1 and GH¢17.71 per €1 at major forex bureaus throughout the country.
Bloomberg, an international news outlet, recently ranked the Ghanaian cedi as the fourth-worst performing currency among 150 major currencies monitored globally.
Although the cedi has depreciated by nearly 23% against the US dollar, it has shown some relative stability this month [July], according to a Bloomberg report.
The cedi’s weakening has been linked to a growing demand for US dollars to purchase petroleum products, pharmaceuticals, and other imports.