The Bank of Ghana’s latest exchange rate update has sparked discussion among Ghanaians following a slight depreciation of the Ghanaian cedi against the US dollar. The data released on May 30 indicates a minor decline after nearly two months of stability.
As of May 29, the cedi was trading at GH¢10.28 to buy and GH¢10.27 to sell per US dollar. The following day, May 30, saw the rate shift to GH¢10.29 for buying and GH¢10.30 for selling, marking a modest dip in the local currency’s value.
Earlier this year, the Ghanaian cedi was among the world’s top-performing currencies. In April, Bloomberg highlighted the cedi as the best-performing currency globally, attributing its strength to a combination of domestic economic policies under former President Mahama and international factors, including trade tensions between the US and China.
The period of currency strength contributed to a reduction in fuel prices in Ghana. On May 14, the Chamber of Oil Marketing Companies (COMAC) announced a cut in pump prices, effective from May 16, supported by declining global petroleum product costs. Additionally, transportation expenses dropped by 15%, providing some relief to consumers.
Despite these positive developments, many Ghanaians report ongoing economic challenges and call for more robust government interventions to stimulate lasting improvement. Online reactions to the recent currency fluctuation varied widely, with some expressing concern, others taking a lighter tone, and a number of commentators reminding the public that minor exchange rate movements are common in any economy.
As the cedi faces its first setback in months, attention now turns to how policymakers will respond to maintain stability and support Ghana’s economic recovery.