Ghana’s local currency continues to face consistent depreciation against major trading currencies like the US dollar.

Despite showing some stability in July, the cedi has remained under pressure throughout the year, even as inflation eased.

As of 10:00 AM on September 16, 2024, checks by GhanaWeb Business revealed the cedi trading at GH¢16.40 to the dollar and GH¢21.60 to the pound at key forex bureaus nationwide. The Euro was trading at GH¢18.00 in the retail market.

Meanwhile, Bloomberg recently reported that the cedi had weakened by 0.1%, now trading at GH¢15.67 per dollar, further exacerbating the economic challenges facing Ghana due to the pricing behaviors of businesses.

Over the past month, the cedi has fallen nearly 1% against the dollar, with a total depreciation of almost 24% this year, according to Bloomberg.

Additionally, Ghana’s dollar bonds maturing in 2032 increased by 0.2 cents, reaching 52.36 cents per dollar as of 11:38 AM on September 11, 2024, in London.