Cedi Slides Against Major Currencies as Demand for Dollars Rises
The Ghanaian cedi has weakened slightly against major currencies in the latest Bank of Ghana (BoG) exchange rate update for Tuesday, August 25. The cedi's decline is marginal, but it still records a modest increase in the amount of cedis required to purchase US dollars.
According to the BoG, the dollar is buying at GH¢11.1194 and selling at GH¢11.1306, pushing above the GH¢11.11 level on the buying side. The pound sterling remains firmly above GH¢15, while the euro stays just below GH¢13 on the buying side.
The renewed pressure on the cedi comes amid increased demand for US dollars from corporate and offshore investors, as reported by Reuters last week. For businesses and individuals making foreign currency payments, the latest movement means slightly higher cedi costs when purchasing dollars, pounds or euros through the interbank market.