Ghana’s local currency continues to depreciate against major trading currencies.
The cedi is nearing the GH¢16 mark as it sells for GH¢15.99 at various forex bureaus across the country.
As of Friday August 23, 2024, at 10:00 AM, checks by GhanaWeb Business showed that the cedi was selling at GH¢15.98 to $1.
However, on Monday, August 26, 2024, the British Pound crossed the GH¢21 mark and is selling for GH¢21.07.
For instance, the local currency is going for GH¢17.86 to €1 at major forex bureaus.
Recently, international news portal Bloomberg ranked the Ghana cedi as the fourth-worst performing currency among 150 top currencies tracked globally.
While the cedi has lost almost 23% of its value against the US dollar, the local currency has also experienced some relative stability, according to a Bloomberg survey.
The cedi’s performance has been attributed to increased demand for the US dollar to purchase petroleum products, pharmaceuticals, and other imported goods.