As of July 2024, the Ghanaian cedi has depreciated by approximately 19.6% against the US dollar on the interbank forex market, as disclosed by the Bank of Ghana.
This depreciation is slightly lower than the 21% loss in value observed on the retail market. According to the Central Bank’s July 2024 Summary of Financial and Economic Data, the cedi’s depreciation against the dollar has been progressive: 7.7% in March 2024, 10.5% in April 2024, 15.9% in June 2024, and 18.6% in July 2024.
Also read: Ghana’s debt stock: Each Ghanaian now owes GH¢24,000
Currently, the cedi is trading at GH¢15.60 on average against the dollar in the retail market, while the Bank of Ghana quotes one dollar at GH¢14.78. Against the British pound, the cedi has depreciated by 20.8%, trading at GH¢19.10. It has also lost 18.4% in value against the euro, with the exchange rate at GH¢16.09.
Despite these depreciations, the cedi has shown some recent signs of stabilization against the dollar, gaining 0.29% week-on-week to end recent trades at a mid-rate of GH¢15.64/$ on the retail market. This stabilization is partly attributed to rising corporate demand and expectations of a potential rate cut by the US Federal Reserve, which has weakened the American greenback. This marks the second consecutive week of gains for the cedi against the dollar.
