Major trading currencies, including the US dollar, continue to gain ground against the cedi.

After experiencing pressure throughout the year, the cedi showed relative stability in July, while inflationary pressures eased.

However, GhanaWeb Business checks as of 7:25 AM on October 29, 2024, reveal that the cedi is currently trading at GH¢16.85 to the dollar, GH¢21.75 to the pound, and GH¢18.20 to the euro at some major forex bureaus nationwide.

This depreciation of the cedi is expected to exacerbate challenges for the Ghanaian economy, especially with rising business pricing practices.

Bloomberg reports that the cedi has fallen nearly 1% against the dollar over the past month and has lost almost 24% of its value so far this year.