The Ghanaian Cedi
As of November 18, 2024, the Ghanaian Cedi has shown a slight improvement against major currencies, with the Bank of Ghana reporting a buying rate of 15.9670 and a selling rate of 15.9830 to the US Dollar.
The Pound and Euro are also slightly up, with the Pound at 20.1631 and the Euro at 16.8504 Cedis.
Despite this, the Cedi has faced significant depreciation in recent years, losing 74% of its value against the Dollar over the past three years, with 29% lost in 2024 alone.
Contributing factors include election uncertainties, risks related to IMF negotiations, limited cocoa crops, and subdued foreign exchange inflows.
However, Finance Minister Dr. Mohammed Amin Adam emphasized that the Cedi's depreciation has slowed, with expectations of improved stability in the medium term.
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