The value of the Ghana Cedi is still declining in relation to other major trading currencies, especially the US dollar.
Checks conducted by Ekuzoa News Business as of Sunday, July 7, 2024, at 9:00 AM revealed that several forex bureaus are selling local currency at GH¢15.64 to $1.
The value of other trading currencies, such the British Pound and Euro, has also declined relative to the Cedi.
For example, at major forex bureaus nationwide, the local currency is selling for GH¢20.00 to £1, whereas at other locations, it is selling for GH 16.95 to €1.
The Ghana Cedi was recently recognized as the fourth-worst performing currency among 150 main currencies tracked globally by the international news portal Bloomberg.
The Cedi’s verdict is the result of weaker performances by the Egyptian Pound, Nigerian Naira, and Lebanese Pound.
Since the start of this year, the value of Ghana’s native currency in relation to the US dollar has decreased by 21%.
The Cedi’s historically poor performance has been linked to a rise in demand for US dollars to pay for medicinal products, petroleum products, and other imports.