Cedi depreciates 14.6% to dollar as of May 2024 – BoG

As of May 2024, the Ghana cedi has depreciated by approximately 14.6% against the US dollar, according to the Bank of Ghana.

This rate is lower than the 20% loss observed on the retail market. The cedi was quoted at GH¢13.01 per dollar by the central bank, compared to GH¢15 on the retail market. It has also depreciated by 14.5% against the pound and 12.9% against the euro.

Finance Minister Dr. Mohammed Amin Adam announced measures to combat the depreciation, including fiscal consolidation, enhanced revenue mobilization, and significant foreign exchange interventions.

Improved FX liquidity has recently eased depreciation pressures.

Read full article