Ghana’s cedi continues its steady decline against key international currencies, including the US dollar, pound sterling, and Euro.

Despite showing some stability in July amid decreasing inflationary pressures, the cedi has struggled throughout the year. Latest data from cedirates.com, as checked by GhanaWeb Business on October 21, 2024, at 8:50 AM, indicate the cedi is selling at GH¢16.55 per dollar at various forex bureaus.

This translates to GH¢1655 for $100 and GH¢1700 for online transactions.

The pound sterling is trading at GH¢21.70 at several major forex bureaus, while the Euro is going for GH¢18.10 in the retail market.

Moreover, Bloomberg reported a 0.1% drop in the cedi’s value, with the currency now trading at GH¢15.67 to the dollar, exacerbating economic difficulties as businesses adjust prices in response.

Over the past month, the cedi has weakened by nearly 1% against the dollar, bringing its total decline this year to nearly 24%, according to Bloomberg.

Additionally, Ghana’s dollar bonds set to mature in 2032 rose by 0.2 cents to 52.36 cents on the dollar at 11:38 a.m. in London on September 11, 2024.