Ghana’s cedi continues to depreciate against key international currencies, including the US dollar.
After a year of sustained pressure, the local currency showed some stability in July, with inflation gradually easing. However, checks by GhanaWeb Business on September 20, 2024, at 10:00 AM, revealed that the cedi is trading at GH¢16.16 to the dollar, GH¢21.44 to the pound, and GH¢18.03 to the euro in several major forex bureaus nationwide.
Bloomberg recently reported that the cedi has weakened further, down by 0.1%, trading at GH¢15.67 per dollar. This decline could aggravate the challenges faced by the Ghanaian economy, particularly affecting the pricing strategies of businesses.
Over the past month, the cedi has fallen by nearly 1% against the dollar, following a cumulative depreciation of almost 24% in 2024, according to Bloomberg.
Additionally, Ghana’s dollar bonds maturing in 2032 saw a slight increase, rising by 0.2 cent to 52.36 cents on the dollar as of September 11, 2024, in London.