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The cedi continues to face depreciation against major trading currencies, including the US dollar.
As of October 29, 2024, it is trading at GH¢16.85 to the dollar, GH¢21.75 to the pound, and GH¢18.20 to the euro at various forex bureaus across the country.
Also read: Akua Donkor’s family expresses shock over recent events.
Despite showing some stability in July, the cedi’s recent decline—nearly 1% against the dollar in the past month and approximately 24% loss in value this year—poses significant challenges for the Ghanaian economy. Rising inflation and business pricing practices are likely to be exacerbated by this depreciation, impacting consumers and businesses alike.
