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, sold at GH¢12.46 to $1 in January, GH¢12.78 in February, and GH¢13.38 by the end of March 2024.
From GH¢13.89 in April, the cedi jumped to GH¢15.02 in May, sold at GH¢15.56 in June, and GH¢15.81 in July.
In August, the cedi ended the month selling at GH¢16.04, GH¢16.71 in September.
By the end of October, the cedi was selling at GH¢17.00.
Also, inflation has increased to 22.1% in October from 21.5% in September 2024.
However, checks by GhanaWeb Business as of November 6, 2024, at 10:00 AM show that the cedi is trading at GH¢17.25 to the dollar, while the pound is trading at GH¢21.76 at some major forex bureaus across the country.
Additionally, the Euro is trading at GH¢18.25 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 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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