Throughout 2024, Ghana's local currency, the cedi, experienced a rollercoaster journey as the economy grappled with various crises.

At the end of December 2023, the cedi was trading at an average of GH¢12.30 at some forex bureaus and GH¢11.30 on the interbank foreign exchange market.

It began 2024 on an upward trajectory, as businesses started recovering from the festive season.

By the end of January, the cedi was trading at an average of GH¢12.46.

In February, it climbed to GH¢12.78, reaching GH¢13.38 in March and GH¢13.39 in April.

In April, the Bank of Ghana (BoG) issued a directive cautioning forex bureaus and media outlets to stop publishing daily exchange rates on their premises and social media platforms.

According to the central bank, this measure was intended to curb speculation in the exchange market, which often led to panic and misinformation.

Following this directive, the BoG also ceased publishing daily interbank rates.

Despite these efforts, the cedi's value continued to decline.

It traded at GH¢15.02 in May, GH¢15.56 in June, GH¢15.81 in July, and GH¢16.02 by the end of August.

In September, the local currency remained steady at GH¢16.02 to $1 at major forex bureaus in Accra.

However, the cedi depreciated further in October, ending the month at GH¢16.71. It then recovered slightly in November, trading at GH¢16.05.

As of December 25, 2024, the cedi is selling below GH¢15.30. This decline in the cedi's value was also observed against other major trading currencies, such as the British Pound and the Euro.

SSD/MA

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