Ghana Cedi-To-Dollar Exchange Rate Has Broken The 10: $1 Now Selling at GH¢10.11 As At August 18

• The cedi fall has exacerbated on Thursday, August 18 as it depreciates further against major trading currencies
• At forex markets in Accra, $1 is selling for more than GH¢10, confirming the fears of the Ghanaian business community
• The cedi has fallen quite steeply within the last couple of weeks after a wobbly performance at the start of 2022

The worst fears of Ghanaians about the precarious cedi-to-dollar exchange rate have been confirmed on Thursday, August 18, 2022, as $1 sells at forex bureaux for GH¢10.11.

YEN.com.gh’s monitoring of the local forex market suggests the cedi performance against the dollar and other international trading currencies has gotten shoddier.

Forex markets in the capital quote the following exchange rate as of Thursday, August 18, 2022:

Dollar vs Cedi Rate

Buying: $1 = GH¢9.90

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Cedi ranked worst performing currency in the world, even worse than Sri Lankan rupee

Selling: $1 = GH¢10.11

Pound vs Cedi Rate

Buying: £1 = 11.57

Selling: £1 = 11.94

Euro vs Cedi Rate

Buying: €1 = GH¢9.75

Selling: €1 = GH¢10.04

Naira vs Cedi Rate

Buying: GH¢1= ₦12.80

Selling: GH¢1 = ₦15.50

Rand vs Cedi Rate

Buying: R1 = GH¢0.38

Selling: R1 = GH¢0.72

Meanwhile, the Interbank forex rates approved by the Bank of Ghana on Thursday, August 18, 2022, show the Ghana Cedi is trading against the dollar at a buying price of GH¢8.0951 and a selling price of GH¢8.1031.

Twenty-four hours earlier, the buying price for $1 was GH¢8.0751, while the selling price was quoted as GH¢8.0831.

Click here for Thursday's Interbank FX rates from the Bank of Ghana.

Cedi Ranked Worst Performing Currency In The World: Bloomberg Rates Currency Only Better Than Sri Lankan Rupee

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Cedi in free fall as $1 threatens to 'break GH¢10' at forex bureaux

YEN.com.gh reported not long ago that the cedi's woes seem so deep that a recent performance ranking scored it as the worst performing currency in the world, only better than the Rupee of politically destabilised Sri Lanka.

Bloomberg says it tracked the performance of 150 currencies worldwide since January 2022 to arrive at its bleak verdict on the Ghanaian cedi.

The cedi has lost nearly 50% of its value to the United States dollar since the start of the year.

Source: YEN.com.gh