Cedi Depreciation: Local Currency Falls Marginally Against Dollar On January 3

Cedi Depreciation: Local Currency Falls Marginally Against Dollar On January 3

  • The cedi has dropped marginally on the interbank market on January 3, 2023, according to available figures
  • While the drop of some 20 pesewas is small, the cedi in the past few days had shown impressive appreciation against the dollar
  • The cedi's strong showing against the dollar has resulted in a reduction of fuel prices with expectations that inflation will also fall as a result

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The Ghana cedi seems to have started 2023 on a slightly unimpressive note as it falls against the U.S dollar marginally on both the interbank market and at forex bureaus.

According to figures monitored by YEN.com.gh on Tuesday, January 3, 2023, the cedi has depreciated by 20 pesewas to the dollar in about 24 hours on the interbank market.

The Bank of Ghana-backed interbank rate for January 3 shows that the Ghana Cedi is trading against the dollar at a buying price of GH¢8.5717 and a selling price of GH¢8.5803.

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Ghana cedi has dropped marginally on the interbank market.
A hand holds Ghana cedi and dollar notes and a December 30, 2022 BoG interbank rates. Source: UGC.
Source: UGC

On Monday, January 2, it was trading at a buying price of GH¢ 8.3108 and a selling price of GH¢8.3192.

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At a forex bureaus the rates are much higher. $1 is being bought at a rate of GH¢11.00 and sold at GH¢12.00 on January 3, 2023.

Against the British pound, the Ghana cedi is trading at a buying price of GH¢10.3058 and a selling price of GH¢10.3178 on the interbank market. But 24 ours earlier it was trading at a buying price of GH¢10.0029 and a selling price of GH¢10.0138.

At forex bureaus in Accra, the Pound Sterling is trading at a buying price of GH¢12.50 and a selling price of GH¢14.50.

How the cedi is trading against the major trading currencies at a forex bureau in Accra.
A snapshot of how the cedi is trading against the major trading currencies at a forex bureau in Accra. Source: UGC/Afriswap via Ghanaweb.
Source: UGC

Petrol and diesel prices fall over cedi's stability

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Fuel prices projected to fall further from Jan 1, 2023; petrol to sell close to GH¢10

Meanwhile, YEN.com.gh reported in a separate story that fuel prices were projected to fall in the at the pumps from January 1, 2023 to an average price of a little above GH¢11 due to partly to the cedi's stability against the dollar.

According to COPEC-GH, petrol prices will drop averagely to about GH¢10.63 while diesel will sell for GH¢15.28, representing significant reductions.

COPEC-GH also attributed the projections to the falling prices of crude oil on the international market.

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Source: YEN.com.gh

George Nyavor avatar

George Nyavor (Head of Politics and Current Affairs Desk) George Nyavor writes for YEN.com.gh. He has been Head of the Politics and Current Affairs Desk since 2022. George has over 9 years of experience in managing media and communications (Myjoyonline and GhanaWeb). George is a member of the Catholic Association of Media Practitioners Ghana (CAMP-G). He obtained a BA in Communications Studies from the Ghana Institute of Journalism in 2010. Reach out to him via george.nyavor@yen.com.gh.

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