Ghana’s local currency continues to face ongoing depreciation against major foreign currencies like the US dollar.
The cedi has been under significant pressure throughout the year but showed some relative stability in July, even as inflationary pressures continued to ease.
However, as of October 16, 2024, at 10:00 AM, checks by GhanaWeb Business reveal that the cedi is trading at GH¢16.55 per dollar, while the pound is priced at GH¢21.39 at several major forex bureaus nationwide.
Furthermore, the Euro is trading at GH¢17.92 in the retail market.
In the meantime, Bloomberg recently reported a 0.1% weakening of the cedi, which now trades at GH¢15.67 per dollar, a situation that could exacerbate the challenges facing the Ghanaian economy amid current business pricing behaviors.
According to Bloomberg, the cedi has fallen nearly 1% against the dollar in the past month, following a nearly 24% decline in value this year.
The portal also noted that Ghana’s dollar bonds maturing in 2032 increased by 0.2 cents to 52.36 cents on the dollar at 11:38 AM on September 11, 2024, in London.