Cedi records over 20% depreciation rates against major currencies

The cedi sharply depreciated in September, falling by 24.3% against the US dollar, 27.7% against the British pound, and 25% against the euro, with exchange rates reaching GHS 15.7 per $1, GHS 20.93 per £1, and GHS 25 per €1.

This decline worsens Ghana's economic outlook, driven by external debt, high inflation, and rising import costs.

The Bank of Ghana's efforts to stabilize the currency face challenges due to global market conditions.

The depreciation heightens inflationary pressures and the cost of servicing external debt, threatening economic stability.

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