Ghana’s local currency continues to depreciate against major foreign currencies, particularly the US dollar.
As of Monday, July 22, 2024, at 8:00 AM, the media reports that the cedi is trading at GH¢15.75 per $1 at various forex bureaus.
This decrease in the cedi’s value is also noticeable with other major currencies, such as the British Pound and the Euro.
For example, the cedi is exchanging at GH¢20.13 per £1 and GH¢16.95 per €1 at major forex bureaus nationwide.
Bloomberg recently listed the Ghana cedi as the fourth-worst performing currency out of 150 global currencies it tracks.
Since the start of the year, the cedi has fallen in value by 21% against the US dollar.
The cedi’s record-low performance has been linked to the rising demand for US dollars to purchase petroleum products, pharmaceuticals, and other imported items.
tigpost.co
