Ghana’s local currency continues to experience persistent depreciation against major trading currencies such as the US dollar.
The cedi, which has been under pressure throughout the year, recorded relative stability in July this year, while inflationary pressures continued declining.
However, checks by GhanaWeb Business as of October 31, 2024, at 10:00 AM show that the cedi is trading at GH¢17.00 to the dollar, while the pound is trading at GH¢21.69 in some major forex bureaus nationwide.
Additionally, the Euro is trading at GH¢18.14 on the retail market.
Meanwhile, 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 behaviour of businesses.
According to Bloomberg, the cedi has traded almost 1% lower against the dollar in the past month after declining in value by almost 24% this year.
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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