The Ghana cedi lost 24.3% to the US dollar on the interbank forex market as of September 2024, the Bank of Ghana has revealed in its Summary of Economic and Financial Data.
This is lower than the 22.9% depreciation recorded during the same period last year.
According to the data, the Cedi lost 7.7% in value to the dollar in March 2024 and depreciated by 18.6% in June 2024.
Whilst it is going for GH¢16.45 on average against the dollar on the retail market, the Bank of Ghana is quoting one dollar as GH¢15.70.
Against the pound, the cedi has so far depreciated by 27.7%. It is trading at GH¢20.93.
It has also lost 25.0% in value to the euro. It is selling at GH¢17.49.
Cedi depreciation slows down.
The local unit has slowed down its depreciation against the dollar and the other major foreign currencies.
Last week, the local unit continued to depreciate against the dollar and the pound albeit at a slower pace, as demand pressures appeared to be easing.
The cedi quoted at GH¢16.48 to a dollar after losing 1.21% week-on-week (compared to 1.84% the previous week).
The cedi also weakened by 0.71% week-on-week against the pound, as compared with 1.43% the previous week.
However, the local unit recovered its 0.42% week-on-week loss against the euro on the retail market.
Since January 1, 2024, the cedi has lost about 25.61% to the US dollar.
Source: Joy Business