The indigenous currency of Ghana, the cedi, has been weakening recently in relation to major trading currencies, particularly the US dollar. At some significant forex bureaus in Accra, the capital, the cedi is selling at GH¢15.97 to $1 as of Tuesday, 2024, at 11:00 AM. The British Pound and Euro are two other trading currencies with which the value of the cedi has declined. For example, at big forex bureaus nationwide, the local currency is selling for GH¢20.74 to £1, while at major exchange offices, it is selling for GH¢17.68 to €1.
The Ghana cedi was recently recognized as the fourth-worst performing currency among 150 main currencies tracked globally by the international news portal Bloomberg. A Bloomberg study indicates that although the cedi has dropped over 23 percent in value in relation to the US dollar, there has been some relative stability in the local currency in July. The Cedi’s performance has been linked to a rise in the demand for US dollars to pay for prescription drugs, petroleum products, and other imports.
SOURCE: https://dew360.net
Join our WhatsApp channel: https://whatsapp.com/channel/0029VakDz4u9RZATWh53yC1a
