The Ghana cedi has depreciated by 24.3% against the US dollar on the interbank foreign exchange market as of September 2024, according to the Bank of Ghana’s Summary of Economic and Financial Data.
This marks an increase from the 22.9% depreciation recorded during the same period last year. According to the data, the cedi lost 7.7% against the dollar in March 2024 and experienced an 18.6% decline in June 2024.
Currently, the cedi averages GH¢16.45 against the dollar on the retail market, while the Bank of Ghana quotes it at GH¢15.70 per dollar.
Additionally, the cedi has depreciated by 27.7% against the British pound, trading at GH¢20.93.
The cedi has also depreciated by 25.0% against the euro, currently selling for GH¢17.49.
The local currency is now experiencing a slower rate of depreciation against the dollar and other major foreign currencies. Last week, while the cedi continued to lose value against the dollar and the pound, the decline occurred at a more gradual pace, indicating that demand pressures may be easing.
As of now, the cedi is quoted at GH¢16.48 to the dollar, reflecting a week-on-week depreciation of 1.21%. This is a slight improvement from the previous week’s decline of 1.84%.
Against the British pound, the cedi weakened by 0.71% this week, a decrease compared to the 1.43% drop experienced the week before.
On a more positive note, the local currency has managed to recover from a 0.42% loss against the euro in the retail market.
Since the start of the year on January 1, 2024, the cedi has depreciated approximately 25.61% against the US dollar, highlighting ongoing challenges in the foreign exchange market.