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Cedi depreciates against US dollar by 22.5%

The Bank of Ghana has pegged the depreciation of the cedi to the American greenback at 22.5 percent as of the September 2023.

One will now need GHS 11.07 to exchange a dollar on the interbank market.

In the Central Bank’s latest Summary of Economic and Financial Data for September 2023, the cedi has also depreciated against the British Pound by 24.9 percent and 22.8 percent against the Euro.

Comparing the performance of the cedi to the dollar from January 2023, it has marginally depreciated further from 20.6 percent to 22.5 percent.

However, the depreciation of the cedi to the dollar has on a year-on-year basis has slowed down relative to its depreciation of 37.5 percent in September 2022 when it sold at GHS 9.60 per dollar.

The last time the Bank released the data on foreign exchange rates in July, the cedi had lost a 22.1 percent value to the dollar selling at 11 cedi.

Comparatively, the cedi’s year-to date depreciation to the dollar in the first five months of 2023 are as follows: January (20.6), February (22.1), March (22.1), April (21.7), May (21.8), June (22.0), July (22.1), August (22.2).

Ghana’s local currency, the cedi recorded some stability against major trading currency the dollar.


Source: Citi Business News

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