Ghana Cedi Hits 9.5% Depreciation Against Dollar as Pressure Mounts

The Ghanaian cedi is facing significant pressure as its depreciation against the US dollar nears 10%. According to the Bank of Ghana, the cedi is currently trading at about GH¢11.55 to the US dollar, a decline of 9.5% from its previous value.

This trend has also extended to other major currencies, with the cedi depreciating by 9.0% against the British pound and losing 7.3% against the euro.

The World Bank attributes this depreciation in part to increased foreign-exchange demand from the energy sector and dividend payments by some private corporations.