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Despite these figures, the cedi’s depreciation has slowed in recent weeks. Demand pressures for foreign currencies appear to be easing, leading to a less rapid decline in the value of the cedi.
Last week, the local currency depreciated by 1.21% against the dollar, a slower rate compared to the previous week’s 1.84%. Similarly, it weakened by 0.71% against the pound, down from 1.43% the previous week. However, the cedi recovered its 0.42% weekly loss against the euro on the retail market.
Since the beginning of the year, the cedi has lost about 25.61% of its value against the US dollar, reflecting the persistent challenges facing the local currency. The Ghana cedi has depreciated by 24.3% against the US dollar on the interbank forex market as of September 2024, according to the Bank of Ghana’s latest Summary of Economic and Financial Data. This marks a slower depreciation compared to the 22.9% decline recorded during the same period last year.
The data indicates that the cedi lost 7.7% of its value to the dollar in March 2024, increasing to 18.6% depreciation by June 2024. On the retail market, the cedi is currently trading at an average of GH¢16.45 per dollar, while the Bank of Ghana quotes one dollar at GH¢15.70.
Against other major currencies, the cedi has also experienced significant losses. It has depreciated by 27.7% against the British pound, now trading at GH¢20.93. The cedi has also lost 25.0% of its value against the euro, with the current rate at GH¢17.49.
