Persistent depreciation of Ghana’s local currency against major trading currencies, including the US dollar, continues to pose challenges for the economy.After facing significant pressure throughout the year, the cedi showed some relative stability in July, even as inflationary pressures began to ease. However, recent data from GhanaWeb Business, as of November 4, 2024, at 10:00 AM, reveals that the cedi is now trading at GH¢17.

15 against the dollar, while the pound is valued at GH¢21.66 at various major forex bureaus nationwide. The Euro is also trading at GH¢18.21 in the retail market.The ongoing decline of the cedi against these major currencies is expected to exacerbate economic difficulties for businesses, particularly in terms of pricing strategies.

Bloomberg reports that the cedi has depreciated nearly 1% against the dollar over the past month and has lost approximately 24% of its value this year.