\n
The local currency \u2013 the cedi has witnessed an average depreciation of 6.2% against the three major trading currencies: the Dollar, Pound, and Euro according to the latest data released by the Bank of Ghana (BoG).<\/p>\n
The is a significant decline in the 22.3% average depreciation recorded as of March 2023.<\/p>\n
In its March 2024 Summary of Economic and Financial Data, the Central Bank pegged the cedi at GHS 12.74 to $1, marking a year-to-date depreciation rate of 6.8%.<\/p>\n
The depreciation rates for the cedi against the dollar for January, February, and March were 1.3%, 4.7%, and 6.8%, respectively.<\/p>\n
On a year-on-year comparison, there was a notable reduction in the depreciation rate of the cedi against the American greenback.<\/p>\n
In March 2023, the depreciation rate stood at 22.1%, compared to the 6.8% recorded in March 2024.<\/p>\n
Similarly, against the pound and the euro, the local currency recorded year-to-date depreciation rates of 6.7% and 5.2%, respectively.<\/p>\n
The depreciation rate against the pound stood at 24.3%, while against the euro, it was 23.6% as at March last year.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
The local currency \u2013 the cedi has witnessed an average depreciation of 6.2% against the three major trading currencies: the Dollar, Pound, and Euro according to the latest data released by the Bank of Ghana (BoG). The is a significant decline in the 22.3% average depreciation recorded as of March 2023. In its March 2024 […]<\/p>\n","protected":false},"author":1,"featured_media":163279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-164917","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"\n
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