Ghana Cedi Extends Decline as Central Bank Publishes Latest Exchange Rates

ACCRA, Sept 8 (Muzicgh.com) - Ghana's central bank on Monday released average interbank exchange rates for key currencies, reflecting commercial bank transactions at the close of business on Friday, Sept. 5, amid ongoing depreciation of the local cedi that has accelerated in early September.

The Bank of Ghana reported the U.S. dollar with a buying rate of 11.9540 cedis and a selling rate of 11.9660 cedis. The British pound sterling was listed at a buying rate of 16.1702 cedis and selling at 16.1876 cedis, while the euro had a buying rate of 14.0415 cedis and selling at 14.0542 cedis.

These figures represent averages from interbank dealings and come as the cedi extends a slide that began in late August, losing ground against major currencies after a period of relative strength earlier in the year. Local media reports from Sept. 5 highlighted a roughly 4.4% drop against the dollar over three business days leading into Friday, with the currency weakening from around 11.74 cedis per dollar on Sept. 3 to about 11.94-11.95 by Sept. 5.

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The latest rates suggest a continuation of that trend, with narrow spreads indicating limited immediate volatility but underscoring broader pressures on the cedi. Ghana's economy, dependent on commodity exports like gold and cocoa, has grappled with external factors including global price fluctuations, debt servicing, and import costs, which a weaker currency exacerbates by driving up inflation for essentials like fuel and food.

Official data shows the cedi depreciated from 10.5000 per dollar at end-July to 11.4000 by end-August, reversing much of the 42.6% appreciation recorded against the dollar in the first half of 2025, according to the Ministry of Finance's mid-year review. That earlier gain was credited to improved fiscal management and reserve buildup, but recent volatility has prompted concerns among traders and businesses over rising foreign exchange expenses.


The Bank of Ghana's daily publications serve as benchmarks for the financial sector, though retail rates at commercial banks may differ. Market participants are watching for potential interventions or policy signals to stem the decline.