The Ghana cedi has experienced a depreciation of approximately 25.8% against the US dollar as of November 2023, according to data from the Bank of Ghana.
Despite remaining relatively stable between March and September 2023, the cedi faced increased pressure in October and November 2023.
The depreciation rate reached 25.4% in October and further increased to 25.8% in November.
The current exchange rate places the cedi at around 12.15 against the US dollar.
Additionally, the cedi has depreciated by 28.6% against the pound and 27.7% against the euro.
This decline is attributed to heightened demand for dollars ahead of the festive season.
Despite the Bank of Ghana’s interventions, the cedi has faced challenges in maintaining its value.
Ghana’s balance of payment remained negative as of September 30 with a balance of payment deficit of $617 million representing 0.8% of GDP.
The current account balance stands at $1.04 billion representing 1.4% of GDP.
The Capital and Financial Account Balance was $1.47 billion in deficit.
Gross International Reserves were $5.15 billion in October 2023, equivalent to nearly Net International Reserves amounting to US$2.15 billion.
This is indicative of 2.4 months of import cover.
Source: classfmonline.com
