The Ghanaian cedi is now trading at GH¢10.28 to $1, marking a further depreciation of the local currency against the US dollar.
This latest exchange rate has sparked concerns among businesses, importers, and financial analysts as Ghana continues to grapple with economic challenges.
The Bank of Ghana noted that the cedi is trading at a buying price of GH¢10.27 and a selling price of GH¢10.28 to the dollar.
The British pound is being bought at GH¢13.84 and sold at GH¢13.86, while the euro is trading at a buying price of GH¢11.66 and a selling price of GH¢11.67.
Additionally, the euro is trading at GH¢13.00 on the retail market.
Several factors contribute to the cedi’s depreciation.
Key among them is the persistent demand for foreign currency to facilitate imports, limited foreign exchange inflows, and ongoing macroeconomic uncertainties.
