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Cedi Hits GH¢16 To A Dollar On Retail Market, Depreciates 24.5% Since January
Money

Cedi Hits GH¢16 To A Dollar On Retail Market, Depreciates 24.5% Since January

by  Delali Adogla-Bessa 2 min read
  • The Ghana cedi has hit an average of GH¢16 to the US dollar on the retail market, per a report
  • A financial analyst expects the cedi to appreciate and be at around GH¢15.90 until November
  • The Ghana cedi also depreciated by about 19.6% to the US dollar on the interbank forex market

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The Ghanaian cedi has reached an average of GH¢16 to the US dollar on the retail market, according to Joy News.

However, Financial Analyst Professor Williams Peprah said there was no cause for alarm and suggested that weekend activity may have caused the deprecation.

Cedi Hits GH¢16 To A Dollar In Ghana Markets
Bloomberg expects the Ghanaian cedi to end the year at GH¢15.97 per dollar.
Source: Getty Images

Peprah said he expected the local currency to appreciate and hover at around GH¢15.90 until November 2024.

The recent deprecation comes after the International Monetary Fund lifted restrictions on dollar auctions by the Bank of Ghana.

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As of July 2024, the Ghana cedi depreciated by about 19.6% to the US dollar on the interbank forex market.

Against the English pound, the cedi has so far depreciated by 20.8% and was trading at GH¢19.10 as of July 2024. It has also lost 18.4% in value to the euro and as of July 2024, was selling at GH¢16.09.

The Ghana cedi was earlier expected to depreciate only modestly between now and the December elections.

Bloomberg reported that the Ghanaian cedi may end the year at GH¢15.97 per dollar.

Ghana's forex challenges

Due to the economic crisis, Ghana's forex struggles have intensified over the last two years.

It began the year trading at GH¢11.97 to a dollar on the interbank market and GH¢12.33 on the retail market but is currently over GH¢15.

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This led to criticism from groups like the Ghana Federation of Traders, who complained that the depreciation was bad for business.

Bawumia suggests linking cedi value to gold

YEN.com.gh also reported that Dr Mahamudu Bawumia has suggested a plan to link the value of the cedi to gold.

The Vice President said this was part of efforts to cushion the currency against forex challenges from depreciation.

As of July 2024, the cedi had depreciated by over 19.6% against the dollar, impacting both fuel prices and inflation.

Proofread by Bruce Douglas, senior copy editor at YEN.com.gh

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Source: YEN.com.gh

Authors:
Delali Adogla-Bessa avatar

Delali Adogla-Bessa (Current Affairs Editor) Delali Adogla-Bessa is a Current Affairs Editor with YEN.com.gh. Delali previously worked as a freelance journalist in Ghana and has over seven years of experience in media, primarily with Citi FM, Equal Times, Ubuntu Times. Delali also volunteers with the Ghana Institute of Language Literacy and Bible Translation, where he documents efforts to preserve local languages. He graduated from the University of Ghana in 2014 with a BA in Information Studies. Email: delali.adogla-bessa@yen.com.gh.

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