The Ghana Cedi has continued its downward trajectory, with the value of the Cedi now exceeding GH¢16 against the US Dollar in the retail currency market.
In banks and currency bureaus across Accra, the dollar is currently being sold for between GH¢15.95 and GH¢16.20.
This depreciation follows recent adjustments in the foreign exchange market, as the Bank of Ghana’s dollar auction limits were relaxed by the International Monetary Fund (IMF).
The IMF’s decision came as part of a broader US$3 billion economic recovery program aimed at bolstering Ghana’s reserves and stabilizing the economy.
According to the Bank of Ghana’s July 2024 Summary of Financial and Economic Data, the Cedi’s value against the US dollar on the interbank foreign exchange market fell by approximately 19.6% as of July 2024. While this rate of depreciation shows some improvement from earlier periods, it still highlights ongoing volatility in Ghana’s currency market.
The relaxation of the Bank of Ghana’s auction limits is intended to provide more flexibility in managing the country’s foreign exchange reserves. However, the impact on the Cedi’s stability remains a significant concern for both individuals and businesses engaged in international trade or holding foreign assets.