Cedi Depreciation: Local Currency Drops Marginally As Forex Bureaus Sell $1 For GH¢13.20 On January 25

Cedi Depreciation: Local Currency Drops Marginally As Forex Bureaus Sell $1 For GH¢13.20 On January 25

  • Forex rates released by both the Bank of Ghana and forex bureaus show that the cedi is still depreciating against the dollar and other major trading currencies
  • Rates released by forex bureaus on January 25, 2023 show that $1 is trading at a buying price of GH¢12.20 and at a selling price of GH¢13.20
  • Meanwhile, BoG-backed interbank rates quote slightly lower rates for trading between the cedi and dollar on January 25

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The Ghana cedi has been depreciating against the US dollar and other major trading currencies every week, although marginally.

On Wednesday, January 25, 2023 the cedi fell slightly on the interbank market, with $1 trading at a buying price of GH¢10.3998 and a selling price of GH¢10.4102.

Just 24 hours earlier, $1 was trading at a buying price of GH¢10.3948 and a selling price of GH¢10.4052.

Ghana cedi is depreciating against the dollar constantly this year.
Stock photos of piles of Ghana cedi and US dollar notes. Source: Getty Images.
Source: Getty Images

Below is Bank of Ghana’s approved interbank rates for January 24, 2023.

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BoG's interbank rates on January 24, 2023
BoG's approved interbank forext rates for January 24, 2023.
Source: UGC

However, at forex bureaus, the predominant market Ghanaians make their forex transactions, the rates are much higher.

According to rates published by Ghana Association of Forex Bureaus (GAOFB), $1 is trading at a buying price of GH¢12.20 and at a selling price of GH¢13.20.

Below the association’s quoted trading between the Ghana cedi and other major trading currencies.

The cedi has been depreciating marginally but constantlay.
Forex bureaus are selling $1 for GH¢13.20 on January 25, 2023. Source: UGC.
Source: UGC

Since last year, the cedi has been having a hard time staying stable against the US dollar.

Depreciation of any currency usually affects that country’s imports negatively. It also worsens inflation on the market.

According to some analysts, the Ghana cedi has lost about 8% of its value since the start of 2023.

Ghana cedi backsliding to old ways

Meanwhile, YEN.com.gh has reported in a previous story that it looks bad for the cedi this year as it has been depreciating constantly against the dollar since the first day of the year.

Bank of Ghana's interbank rate shows that the local currency was trading against the dollar at a selling price of GH¢9.0092 for $1 and at a buying price of GH¢9.0002 to $1 on January 11, 2023.

However, forex bureaus in Accra are quoting higher selling and buying prices for the dollar but the steady depreciation has also prompted fears that the old days of rapid depreciation is upon Ghanaians again.

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Source: YEN.com.gh

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