Ghana’s cedi, after brief stability in July, is once again falling.
Today, it trades at GH¢16.42 to the dollar, deepening economic strain.
Businesses face rising pressure as major currencies like the pound and euro climb, following a nearly 24% drop in value this year.
Ghana’s local currency, the cedi, has faced ongoing pressure throughout 2024.
It is struggling against major international currencies like the US dollar, pound, and euro.
While the cedi showed a brief moment of stability in July, as inflationary pressures eased, this period of relief was short-lived.
The economic challenges soon returned, leading to another decline in the cedi’s value.
On September 27, 2024, the situation worsened.
As of 10:00 AM, checks revealed that the cedi was trading between GH¢16.17 and GH¢16.42 to the dollar.
This trading occurred at various forex bureaus across the country.
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Meanwhile, the pound had surged to GH¢21.63, and the euro followed suit, trading at GH¢18.03 on the retail market.
Bloomberg recently reported that the cedi had further weakened, dropping by 0.1% to trade at GH¢15.67 per dollar.
This latest decline has added more pressure to the struggling Ghanaian economy, as the cedi has now depreciated by nearly 24% over the course of the year.
Businesses across the country are feeling the impact, with many adjusting their pricing strategies to cope with the persistent depreciation.
However, in a surprising twist, Ghana’s dollar bonds, set to mature in 2032, have experienced a slight rise.
On September 11, 2024, these bonds increased by 0.2 cents, reaching 52.36 cents on the dollar in London.
Despite this minor gain, the cedi’s consistent fall remains a significant challenge for the country’s economic outlook.
