The depreciation of Ghana's local currency (the cedi) against major trading currencies, especially the US dollar has deepened in recent times.

As of Tuesday 20, 2024, at 11:00 AM, checks by GhanaWeb Business showed that the cedi is selling at GH¢15.97 to $1 at some major forex bureaus in the capital, Accra.

This decline in the cedi's value is also evident among other trading currencies such as the British Pound and Euro.

For instance, the local currency is going for GH¢20.74 to £1 while selling at GH¢17.68 for €1 at major forex bureaus across the country.

International news portal Bloomberg recently ranked the Ghana cedi as the fourth-worst performing currency among 150 top currencies tracked globally.

While the cedi has lost almost 23% of its value against the US dollar, the local currency has experienced some relative stability this month [July], according to a Bloomberg survey.

The Cedi's performance has been attributed to increased demand for the US dollar to purchase petroleum products, pharmaceuticals, and other imported goods.

SSD/MA

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