{"id":124708,"date":"2023-11-28T11:12:41","date_gmt":"2023-11-28T11:12:41","guid":{"rendered":"https:\/\/www.ghanamma.com\/2023\/11\/28\/cedi-loses-25-8-in-value-to-dollar-bog\/"},"modified":"2023-11-28T11:12:41","modified_gmt":"2023-11-28T11:12:41","slug":"cedi-loses-25-8-in-value-to-dollar-bog","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2023\/11\/28\/cedi-loses-25-8-in-value-to-dollar-bog\/","title":{"rendered":"Cedi loses 25.8% in value to dollar \u2013 BoG \u2013"},"content":{"rendered":"

<\/p>\n

\n

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.<\/strong><\/p>\n

Despite remaining relatively stable between March and September 2023, the cedi faced increased pressure in October and November 2023.<\/p>\n

The depreciation rate reached 25.4% in October and further increased to 25.8% in November.<\/p>\n

The current exchange rate places the cedi at around 12.15 against the US dollar.<\/p>\n

Additionally, the cedi has depreciated by 28.6% against the pound and 27.7% against the euro.<\/p>\n

This decline is attributed to heightened demand for dollars ahead of the festive season.<\/p>\n

Despite the Bank of Ghana\u2019s interventions, the cedi has faced challenges in maintaining its value.<\/p>\n

Ghana\u2019s balance of payment remained negative as of September 30 with a balance of payment deficit of $617 million representing 0.8% of GDP.<\/p>\n

The current account balance stands at $1.04 billion representing 1.4% of GDP.<\/p>\n

The Capital and Financial Account Balance was $1.47 billion in deficit.<\/p>\n

Gross International Reserves were $5.15 billion in October 2023, equivalent to nearly Net International Reserves amounting to US$2.15 billion.<\/p>\n

This is indicative of 2.4 months of import cover.<\/p>\n

Source:\u00a0<\/strong>classfmonline.com<\/p>\n

<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

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