The Ghana cedi has crossed the GH¢11 mark against the US dollar on the interbank market, a shift that analysts describe as part of a natural market correction rather than a sign of sudden economic distress.
According to Bank of Ghana data released Thursday, August 28, 25, the dollar was trading at GH¢11.0445 for buying and GH¢11.0555 for selling.
The British pound stood at GH¢14.8780 (buying) and GH¢14.8940 (selling), while the euro was quoted at GH¢12.8192 (buying) and GH¢12.8308 (selling).
Currency analyst Courage Boti noted that the depreciation was not unexpected: “Given how rapidly the cedi appreciated earlier, some retracement was inevitable. Those impacted by the shift are simply testing the market’s resilience. This is a normal correction”.
The recent pressure on the cedi has been linked to sustained demand for foreign exchange, weaker-than-expected inflows, and ongoing global economic uncertainty.
Import-dependent businesses and traders are likely to feel the most immediate impact, as a weaker cedi could drive up the cost of fuel, food, and other essentials.
However, the Ghana Union of Traders Association (GUTA) has called for restraint in response to the depreciation.
“If we can maintain exchange rates around GH¢10.50 to GH¢10.60 for a reasonable period, a brief move to GH¢11 shouldn’t be cause for panic. Often, it’s negative speculation that accelerates depreciation unnecessarily,” said GUTA President Joseph Obeng.
