Dollar to Cedi Exchange Rate: Cedi Crashes Again! Ghanaians Brace for Harder Times as Dollar Soars

What is today’s Dollar to Cedi Exchange Rate? By how much has the Dollar to Cedi Exchange Rate depreciated against the cedi from 2023 to 2024? 

The Ghana Cedi crashes again after it seemed to have shown slight gain over the dollar in the past few weeks with marginal depreciation. Today, the cedi is on its knees again as it ends the last week of September with a fall against all its major trading currencies, according to the latest Bank of Ghana report. 

Per the latest Bank of Ghana report for September 2024, the cedi depreciated against the dollar at 24.3%, compared to the 21.3% recorded in August 2024.

However, the local currency’s depreciation went up slightly to 22.9% when looked at from the perspective of year-by-year depreciation.

Using the actual dollar to cedi values, $1 was exchanged for GHS 11.12 in September 2023, but it is currently exchanging at $1 to GHS 15.70 per the interbank exchange rates, which are lower than the rates quoted by banks and forex bureaus currently.

The pound appreciated against the cedi over the same period. While the cedi lost value and depreciated by some 27.7% to the pound as of September 2024, the 2023 depreciation for the same period was 22.9%.

To the Euro, the rate of depreciation stands at 25.0% currently but was 22.3% in 2023.

The continuous fall of the local currency has serious implications for the economy, businesses, and ordinary Ghana.

This rate of depreciation comes at a time when the government needs to adopt long-term measures that will address the pressure that mounts on the local currency.

Players expected relative stability of the cedi after Ghana received the second tranche of its USD 3 billion Extended Credit Facility with the International Monetary Fund (IMF) earlier this year, together with other foreign inflows from donor partners.

Today’s Dollar to Cedi Exchange Rates

Today, Dollar to Cedi Exchange Rate falls between GHS16.40 and GHS17.00 in Forex bureaus

There is a possibility of an increase in the demand for the dollar, coupled with high imports, which may force the cedi to lose some more value come December because of the Yuletide.

READ: Dollar to cedi exchange rate today: Banks and Black Market

With the Yuletide around the corner in an election year in Ghana, the cedi is not expected to enjoy conformable breathing space from mid-October, when businesses involved in the importation of festive season goods would surely need more foreign exchange to bring in goods. This increase in demand for dollars often leads to increased exchange rate prices due to the lack of adequate supply of foreign currency.