The latest figures, reflecting Monday's interbank average, show the dollar buying at ₵11.5942. This represents a depreciation of approximately 3.1% for the cedi against the dollar over just two trading days, signaling renewed pressure on the local currency.
The trend of depreciation was consistent across the board. The pound sterling was quoted at a selling price of ₵15.7212 on Tuesday, up sharply from ₵15.2120 at the end of last week. Similarly, the euro strengthened against the cedi, selling for ₵13.5809 compared to Friday's rate of ₵13.1410.
Read Also: Ghana Cedi Exchange Rate: US Dollar Sells At ¢11.2556 On August 29
These benchmark rates, published daily by the Bank of Ghana, are a critical economic indicator. A weaker cedi can increase the cost of imported goods, potentially fueling inflation. The rates serve as an official reference for commercial banks, though prices for retail and corporate customers may vary.
These benchmark rates, published daily by the Bank of Ghana, are a critical economic indicator. A weaker cedi can increase the cost of imported goods, potentially fueling inflation. The rates serve as an official reference for commercial banks, though prices for retail and corporate customers may vary.
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