Cedi Depreciation: $1 Approaching GH¢11 At Forex Bureaus As Interbank Rates Worsen

• The cedi's free fall against the dollar has manifested at forex bureaus across the country
• After breaking the 10, it is now attempting to break the 11 as $1 dollar goes for GH¢10.45 at forex bureaus
• This is despite measures the Bank of Ghana is taking to hold the cedi fall against trading currencies

The cedi’s predicament is getting worse as both forex and interbank rates show further depreciation against the dollar and other major trading currencies.

As at September 22, 2022, forex bureaus monitored by YEN.com.gh are selling $1 for GH¢10.45, prompting fears that it may soon hit GH¢11.

Bank of Ghana-approved interbank rates are not any better.

Interbank rates for September 22, 2022, shows that the Ghana Cedi has depreciated further against the dollar.

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$1 is going for a buying price of GH¢9.0355 and a selling price of GH¢9.0445.

Compared to 24-hours prior, $1 was trading of a buying price of GH¢9.0055 and a selling price of GH¢9.0145.

For the Pound Sterling, interbank rates released on Thursday, September 22, 2022 shows the British Pound is trading at a buying price of GH¢10.3086 and a selling price of GH¢10.3198.

Twenty-four hours ago, the buying and selling price of the British Pound was GH¢10.2681 and GH¢10.2801 respectively.

Forex rates for the Pound Sterling is much higher as it is bought at GH¢11.60 and sold for GH¢11.90.

Below are the interbank rates of the major trading currencies against the Ghana cedi.

Cedi Depreciation: Bank of Ghana Teams Up With Police To Arrest Over 70 Black Market Dealers

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Police, BoG arrest over 70 'money changers' at Tudu to stop cedi fall

In a previous story, YEN.com.gh reported that as the BoG attempts to hold the fall of the cedi against the dollar, it has collaborated with the police to arrest over 70 people engaged in unlicensed forex trading.

The black market forex trading is believed to be a major contributor of the higher rates of the dollar against the cedi.

According to a Citi News report, the black market forex traders were arrested as part of a special operation that targeted known spots such as Rawlings Park, Makola and Tudu.

Source: YEN.com.gh