The value of Ghana’s local currency, the cedi, continues to fall against major trading currencies, notably the US dollar.

As of 10:00 AM on Friday, August 16, 2024, the cedi is being exchanged at GH¢15.92 to $1 at prominent forex bureaus in Accra.

This depreciation is also observed with other major currencies, such as the British Pound and the Euro. Currently, the cedi is valued at GH¢20.50 to £1 and GH¢17.52 to €1 at leading forex bureaus nationwide.

According to Bloomberg, the Ghanaian cedi is ranked as the fourth-worst performing currency out of 150 tracked globally.

Despite a nearly 23% drop in value against the US dollar, the cedi has shown some signs of stability this month, as reported by Bloomberg.

This decline in the cedi’s value is attributed to the increased demand for US dollars needed for purchasing petroleum products, pharmaceuticals, and other imports.