Ghanaian Cedi Slightly Depreciates, Trades At GH¢15.25 To One Dollar

Confidence UbaniJuly 9, 20241 Mins read304

The Ghanaian cedi has depreciated slightly against major currencies, trading at GHS15.65 per US dollar on Tuesday, July 9, 2024, according to Cedirates.com.

The cedi’s buying rate was GHS15.03, marking a 1 pesewa drop. At interbank rates, it traded at GHS14.70 for buying and GHS14.71 for selling. The British pound sterling saw an increase, selling at GHS20.07. This represents 3 pesewa rise from the previous day. Its buying rate was GHS19.06. On the Bank of Ghana interbank market, the pound surged to GHS18.86, up by 7 pesewas.

The euro remained stable in its buying rate but increased by 2 pesewas in the selling rate, now at GHS16.98. On the interbank market, it sold for GHS15.93, up by 4 pesewas. Money transfer services LemFi and Afriex offered rates of GHS15.27 and GHS15.08 per U.S. dollar, respectively. For the British pound, they offered GHS19.60 and GHS19.20. Afriex listed the euro at GHS16.24.

The Bank of Ghana’s March 2024 Summary of Economic and Financial Data revealed that the Ghana cedi experienced an average depreciation of 6.2% against major trading currencies, including the U.S. dollar, British pound, and euro.

While this marks a significant improvement compared to the 22.3% average depreciation recorded in March 2023, Bloomberg reported that the Ghanaian cedi ranks as the fourth-worst performing currency among the 150 tracked. Other significant declines were observed in the Egyptian pound, Nigerian naira and Lebanese pound. The cedi has also depreciated by 21% against the U.S. dollar since the beginning of the year, and this is driven by high demand for dollars to import essential goods.