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.
As of November 12, 2024, the Bank of Ghana is buying $1 at GH¢16.29 and selling at GH¢16.30.
The British Pound is being bought at GH¢20.96 and sold at GH¢20.98 while the Euro is being bought GH¢17.35 and sold at GH¢17.37.
However, checks by GhanaWeb Business as of November 12, 2024, at 10:00 AM show that the cedi is trading at GH¢17.20 to the dollar, while the pound is trading at GH¢21.53 at some major forex bureaus across the country.
Additionally, the Euro is trading at GH¢17.99 on the retail market.
The decline of the cedi against major trading currencies will further worsen the woes of the Ghanaian economy amidst the pricing behaviour 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.
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SSD/MA
