Ghana’s currency, the cedi, continues to face depreciation against key international currencies like the US dollar. While it saw some stability in July amid easing inflationary pressures, recent checks by GhanaWeb Business on October 30, 2024, at 10:00 AM show the cedi trading at GH¢17.00 to the dollar, GH¢21.66 to the pound, and GH¢18.07 to the euro in several forex bureaus nationwide.
Bloomberg reports that the cedi has fallen an additional 0.1% against the dollar, now at GH¢15.67, adding strain to the Ghanaian economy as business pricing adapts to the currency’s decline. Over the past month, the cedi has dropped almost 1% against the dollar, extending its annual loss to nearly 24%.
Further, Bloomberg noted that Ghana’s dollar bonds due in 2032 increased by 0.2 cents to 52.36 cents on the dollar as of 11:38 a.m. on September 11, 2024, in London.
In parallel, Ghana’s dollar-denominated bonds maturing in 2032 increased by 0.2 cents to reach 52.36 cents on the dollar as of September 11, 2024, according to Bloomberg. This shift reflects investor caution amid ongoing economic uncertainty, as the government continues its efforts to stabilize the economy through policy adjustments and financial reforms aimed at easing currency pressures.
