Cedi sells at GH¢16.15 to $1, GH¢21.14 to £1 on September 13
The cedi, the local currency of Ghana, has recently lost value in relation to major trading currencies, particularly the US dollar.
According to checks conducted by Yendimedia.com as of Thursday, September 12, 2024, at 1:00 AM, the cedi is selling at GHCI 6.1 5 to $1 at a few significant forex bureaus in Accra, the country’s capital.
Even though the cedi gained a few pesewas from the previous day, its value is still declining relative to other trading currencies like the British Pound and Euro.
For example, the local currency is selling at major forex bureaus nationwide for GHC17.85 to €1, while it is trading at GHC21.14 to El.
The Ghana cedi was recently ranked by the international news portal Bloomberg as the fourth-worst performing currency out of the top 50 currencies tracked worldwide.
A Bloomberg survey indicates that in July of this year, the local currency saw some stability even though the cedi lost nearly 23 percent of its value in relation to the US dollar.
The performance of the Cedi has been linked to a rise in the demand for US dollars to buy imports such as medicines and petroleum products.
Source: Yendi media