The Ghana cedi has depreciated by approximately 19.6% against the US dollar on the interbank forex market as of July 2024, according to the Bank of Ghana.
The Bank of Ghana’s July 2024 Summary of Financial and Economic Data reveals that the cedi weakened by 7.7% against the dollar in March 2024 and by 10.5% in April 2024.
It continued to depreciate by 15.9% in June 2024 and 18.6% in July 2024, though this decline is less severe than the roughly 21% drop in value observed on the retail market.
On the retail market, the cedi is currently trading at an average of GH¢15.60 per dollar, while the Bank of Ghana quotes the exchange rate at GH¢14.78 per dollar.
In addition to its performance against the dollar, the cedi has depreciated by 20.8% against the British pound, trading at GH¢19.10, and by 18.4% against the euro, with a rate of GH¢16.09.
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