Ghana's local currency, the cedi, has recently seen a sharper depreciation against major trading currencies, particularly the US dollar.

As of Tuesday, August 20, 2024, at 11:00 AM, checks by GhanaWeb Business revealed that the cedi is trading at GH¢15.97 to $1 at several key forex bureaus in Accra.

This decline is also noticeable against other currencies like the British Pound and the Euro. The cedi is currently valued at GH¢20.74 to £1 and GH¢17.68 to €1 at major forex bureaus nationwide.

Bloomberg recently ranked the Ghanaian cedi as the fourth-worst performing currency out of 150 top currencies monitored globally.

Although the cedi has lost nearly 23% of its value against the US dollar, it has shown some relative stability this month [August], according to a Bloomberg survey.

The cedi's performance has been largely linked to the increased demand for US dollars to import petroleum products, pharmaceuticals, and other goods.