Per the Bank of Ghana (BoG) rate on Monday, November 11, the Cedi is buying at 16.3419 to a dollar and selling at 16.3583. Pound Sterling, is buying at 21.0778 and selling at 21.1022.
The Euro buys at 17.4934 and sells at 17.5107.The Ghana Cedi has come under intense pressure against the major trading currencies.
Recently, the Institute of Economic Affairs disclosed.the local currency lost about 74% of its value against the dollar over the past 3 years,It depreciated by 30.0% in 2022 and 27.8% in 2023. It has so far in 2024 lost almost 29% to the American greenback.
According to the IEA, "this is a huge depreciation by all standards".It added that the cedi faces further risks for the rest of the year for a number of reasons.The first is election uncertainties that makes the dollar holdings as a safe haven.