Cedi Depreciation Intensifies: $1 Equivalent To GH¢9.95 At Forex Bureaux In Accra On August 16

• The cedi is taking a major beating from the major trading currencies as it falls further on Wednesday, August 16, 2022
• Currently, forex bureaux are selling $1 for GH¢9.73, prompting fears that very soon it will hit GH¢10
• The cedi depreciation has been blamed for some of the current economic challenges, like rising fuel prices

Forex bureaux in Accra and other regional capitals are buying one dollar for GH¢9.73 and selling at GH¢9.95 as of Tuesday, August 16, 2022.

The falling value of the cedi is prompting fears that one U.S dollar would soon be bought for GH¢10.

According to a report by GhanaWeb, the forex bureaux it has monitored in Accra shows the cedi is also losing to the British Pound Sterling, the Euro, Nigerian Naira and the South African Rand.

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See how the other currencies are performing against the cedi at the forex bureaux:

British Pound Sterling and cedi

Buying: £1 = GH¢11.35

Selling: £1 = GH¢11.70

Euro and cedi

Buying: €1 = GH¢9.57

Selling: €1 = GH9.57

Rand and cedi

Buying: R1 = GH¢0.38

Selling: R1 = GH¢0.72

Naira and cedi

Buying: GH¢1= ₦12.50

Selling: GH¢1 = ₦14.50

On Tuesday, August 16, 2022, the interbank market rates from the central bank show the Ghana cedi was trading against the dollar at a buying price of 8.0631 and a selling price of 8.0711.

On Monday, August 15, the cedi was trading at a buying price of 8.0631 and a selling price of 8.0711.

Fuel Supply Looks Bleak In The Coming Weeks: COPEC, IES Cite Cedi Fall For Difficult Days Ahead

Already, two major energy think tanks have made bleak predictions about Ghana’s fuel supply in the coming days, citing the steep depreciation of the cedi against the dollar.

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YEN.com.gh reported that both the Chamber of Petroleum Consumers Ghana (COPEC-GH) and the Institute for Energy Security (IES) have cited the cedi fall for an upcoming pump price increase in petrol and diesel.

The IES has said although there is a drop in the prices of petroleum products on the global market, this will not reflect in the pump prices in Ghana because the cedi has been falling against the major trading currencies, especially the dollar.

Ghana Cedi Plunges Against Dollar To Become Africa's Worst-Performing Currency

Meanwhile, YEN.com.gh reported in a previous story that the latest report by Ghana-based finance analyst, Databank, shows Ghana sits at the bottom of a 15-currency ranking after depreciating by 7.6% to the U.S. dollar.

This makes the local currency the worst-performing on the continent.

At the start of 2022, the Ghana cedi sat at number 14, beating only the Zambian kwacha.

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Source: YEN.com.gh