File photo of GH¢200 Cedi notes
A year ago, on October 3, 2023, the interbank forex rates from the Bank of Ghana showed that the Ghana Cedi was trading against the dollar at a buying price of 11.1436 and a selling price of 11.1548.
At a forex bureau in Accra, the dollar was being bought at a rate of 11.50 and sold at 11.70. Against the Pound Sterling, the Cedi was trading at a buying price of 13.5094 and a selling price of 13.5240.
Similarly, on the retail market during the period, the pound sterling was being bought at a rate of 14.10 and sold at a rate of 14.60, while the Euro was trading at a buying price of 11.6955 and a selling price of 11.7061.
However, checks by GhanaWeb Business as of October 3, 2024, at 10:00 AM show that the cedi is trading at GH¢16.40 to the dollar, while the pound is trading at GH¢21.47 at some major forex bureaus across the country. Additionally, the Euro is trading at GH¢17.96 on the retail market this year.
Bloomberg recently reported that the cedi has now weakened by 0.1% to trade at GH¢15.67 per dollar, a situation that will further worsen the woes of the Ghanaian economy amidst the pricing behavior of businesses.
The cedi has traded almost 1% lower against the dollar in the past month, after declining in value by almost 24% this year, according to Bloomberg.
The portal also mentioned that Ghana’s dollar bonds maturing in 2032 rose by 0.2 cents to 52.36 cents on the dollar at 11:38 a.m. on September 11, 2024, in London.
SSD/MA
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