Ghana cedi depreciates against US dollar by 28.5%

The Ghana cedi has depreciated of approximately 25.8% against the US dollar as of November 2023.

This was revealed by the Bank of Ghana in its recent data.

The Central Bank data indicated that the currency faced an increased pressure in October and November 2023.

In March to September this year, the cedi remained relatively stable.

BoG says the depreciation rate reached 25.4% in October and further increased to 25.8% in November.

The current exchange rate puts the cedi at around 12.15 against the US dollar.

Additionally, the cedi has depreciated by 28.6% against the pound and 27.7% against the euro.

This decline is attributed to heightened demand for dollars ahead of the festive season.

Despite the Bank of Ghana’s interventions, the cedi has faced challenges in maintaining its value.



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