The Ghanaian cedi has weakened by roughly 19.6% against the US dollar on the interbank foreign exchange market as of July 2024, according to the Bank of Ghana.

This figure is less than the approximate 21% depreciation against the US dollar in the retail market.

According to the Central Bank’s July 2024 Summary of Financial and Economic Data, the cedi depreciated by 7.7% against the dollar in March 2024 and by 10.5% in April 2024. In June 2024 and July 2024, it further declined by 15.9% and 18.6%, respectively, against the US dollar.

While the cedi is trading at an average of GH¢15.60 per dollar on the retail market, the Bank of Ghana quotes one dollar at GH¢14.78.

Against the British pound, the cedi has depreciated by 20.8% so far, trading at GH¢19.10.

It has also fallen 18.4% in value against the euro, with a current rate of GH¢16.09.

Cedi Stabilized Against Dollar

Last week, the Ghana cedi continued its upward trend against the US dollar amid increasing corporate demand.

The market’s expectation of a potential rate cut by the US Federal Reserve soon has weakened the American dollar.

As a result, the local currency appreciated by 0.29% week-on-week against the dollar, ending the week's trades at a mid-rate of GH¢15.64/$ on the retail market.

This marks the second consecutive week the cedi has gained value against the US dollar.