Ghana's Cedi Extends Sharp Decline, Dollar Sells for ₵11.7559

Ghana, Sept 3 (MUZICGH) - The Ghanaian cedi continued its sharp depreciation against the U.S. dollar and other major currencies on Wednesday, deepening a trend that began at the start of the week and signaling renewed pressure on the West African nation's economy.

The Bank of Ghana on Wednesday quoted the cedi at a selling rate of ₵11.7559 to the dollar, with a buying rate of ₵11.7441. This follows a significant slide on Tuesday when the cedi was pegged at ₵11.6058 to the dollar, a sharp drop from the ₵11.2556 rate posted at the close of last week on Friday, August 29.

Over the course of just three business days, the cedi has depreciated by approximately 4.4% against the U.S. dollar, highlighting a volatile start to the month for the local currency.

The depreciation trend was consistent across other major trading currencies. On Wednesday, the central bank set the Pound Sterling (GBP) at a selling price of ₵15.7399, a notable increase from Tuesday's rate of ₵15.7212 and Friday's ₵15.2120. Similarly, the Euro (EUR) was selling for ₵13.7096, continuing its climb from ₵13.5809 on Tuesday and ₵13.1410 at the end of last week.

These benchmark figures, which represent the average interbank rates, are a critical economic indicator. A weaker cedi can increase the cost of imported goods such as fuel and food, potentially fueling inflation and affecting the cost of living.

The daily rates published by the Bank of Ghana serve as an official reference for commercial banks and the wider financial sector, though rates for retail and corporate customers may vary. Businesses engaged in international trade are closely monitoring the cedi's performance as they navigate the increased costs of foreign exchange.