As of November 2023, the Ghana cedi has experienced a depreciation of approximately 25.8% against the US dollar, according to the Bank of Ghana's November 2023 Summary of Economic and Financial Data.

The cedi had maintained relative stability from March 2023 to September 2023 but began losing ground in October and November 2023.

In March 2023, the depreciation rate was 22.1%, which increased to 22.9% in September. However, in October and November 2023, the depreciation rates were recorded at 25.4% and 25.8%, respectively. Currently, the cedi is trading at around 12.15 against the US dollar.

Against the pound and the euro, the cedi has depreciated by 28.6% and 27.7%, respectively. The recent pressure on the local currency is attributed to increased demand for the US dollar by corporates and importers ahead of the festive season.

Despite the efforts of the Bank of Ghana, which auctioned $20 million to Bulk Oil Distribution Companies (BDCs) and provided $2 million on the spot market, the cedi weakened in the face of these challenges.

The recent approval of the $800 million cocoa syndication loan by Parliament and the $102.6 million African Development Bank budget support program for Ghana is expected to contribute to the relative stability of the cedi in the coming weeks.