{"id":245769,"date":"2024-11-05T08:05:44","date_gmt":"2024-11-05T08:05:44","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/11\/05\/cedi-rate-shoots-up-selling-at-gh%c2%a217-20-to-us1\/"},"modified":"2024-11-05T08:05:44","modified_gmt":"2024-11-05T08:05:44","slug":"cedi-rate-shoots-up-selling-at-gh%c2%a217-20-to-us1","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/11\/05\/cedi-rate-shoots-up-selling-at-gh%c2%a217-20-to-us1\/","title":{"rendered":"Cedi rate shoots up, selling at GH\u00a217.20 to US$1"},"content":{"rendered":"

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Ghana\u2019s local currency continues to experience persistent depreciation against major trading currencies such as the US dollar.<\/p>\n

The cedi which was under pressure throughout the year, recorded relative stability in July this year, while inflationary pressures continued declining.<\/p>\n

However, checks by GhanaWeb Business as of November 5, 2024, at 88:00 AM show that the cedi is trading at GH\u00a217.20 to the dollar, while the pound is trading at GH\u00a222 at some major forex bureaus across the country.<\/p>\n

Additionally, the Euro is trading at GH\u00a218.50 on the retail market.<\/p>\n

The decline of the cedi against major trading currencies will further worsen the woes of the Ghanaian economy due to businesses’ pricing behaviour.<\/p>\n

According to Bloomberg, the cedi has traded almost 1% lower against the dollar in the past month after declining in value by almost 24% this year. <\/p>\n

Watch the latest edition of BizHeadlines below:<\/b><\/p>\n