As of July 2024, the Ghana cedi has experienced a depreciation of approximately 19.6% relative to the US dollar on the interbank forex market, as reported by the Bank of Ghana (BoG). This is a slightly smaller decline compared to the 21% drop observed in the retail market.

The Bank of Ghana's July 2024 Summary of Financial and Economic Data highlights that the cedi's value fell by 7.7% against the dollar in March 2024, followed by a 10.5% decrease in April. The cedi then continued its downward trend with a 15.9% depreciation in June and an 18.6% drop in July.

On the retail market, the cedi is currently trading at an average of GH¢15.60 per dollar, whereas the interbank rate stands at GH¢14.78 per dollar. In relation to the British pound, the cedi has depreciated by 20.8%, with the current exchange rate at GH¢19.10. It has also fallen by 18.4% against the euro, with a rate of GH¢16.09.

Recently, the cedi has shown signs of stabilization against the dollar, buoyed by increased corporate demand and market anticipation of a potential rate cut by the US Federal Reserve, which has contributed to a weakening of the American dollar.