The Cedi, which looked strong and robust days before Easter and saw NPP government sympathizers making deafening noise, seems to have seen its smoothness level today.
The Market trends have changed, and the Ghanaian Cedi is back in the gutters as the Dollar gains strongly on the Foreign Exchange Market.
It is an undeniable fact that Ghanaian politicians are too quick to praise themselves when the cedi gains a bit of breathing space, especially when they, the Politicians, have no control over the real reasons for the fall in the Dollar against the cedi.
The Dollar to Cedi exchange rate and the associated graph on Google shows the reality and the actual mid-rate at which the dollar is strongly trading. Google quotes a rate of 11.30 Ghanaian Cedi per Dollar for the mid-rate, which is also higher than the Bank of Ghana rate.
Cedirates puts the above from the right perspective thus, “The players are playing. Today the exchange rate has galloped significantly across USD, GBP, and EUR.”
All major banks in Ghana quoted high Dollar to Cedi Exchange rates for the day. While the Interbank Rates from the Bank of Ghana indicated a buy and sell rate of Ghs10.70 and GHS10.90 respectively, Forex Bureaus quoted Ghs11.00 and GHS12.00 for a dollar.
The position of Professor of Applied Economics at America’s Johns Hopkins University that the Ghana Cedi as a junk currency needs to be looked at humbly and respectfully by Ghana. He has also consistently called for the establishment of a currency board that needs to be looked at. He has thus, classed it into a category of currencies in his rogue gallery of junk currencies as announced in a tweet dated March 11, 2023.
READ: Visa and Master Card Dollar, Pound and Euro Exchange Rates By Banks In Ghana
DOLLAR TO CEDI EXCHANGE RATES PLUS EURO AND POUND FROM FOREX BUREAUS
Dollar Gives Cedi Dirty Slaps After Few Days of Cedi Glory ($1=GHS12)
| Currency | Sell Rate |
 US Dollar¹ (USD) | 12.00 |
 British Pound (GBP) | 14.40 |
 Euros (EUR) | 12.70 |
| Currency | Buy Rate |
| US Dollar¹ (USD) | 11.00 |
| British Pound (GBP) | 13.40 |
| Euros (EUR) | 11.70 |
Dollar to Cedi Exchange Rates From Banks in Ghana for Today
| # | Name | Buying | Selling | MidRate |
|---|---|---|---|---|
| Binance P2P | 12.13 | 12.16 | 12.14 | |
| Bank Of Ghana | 10.92 | 10.93 | 10.92 | |
| GAFORB | 10.80 | 11.80 | 11.30 | |
| GCB Bank | 10.70 | 11.20 | 10.95 | |
| Access Bank | 10.70 | 11.60 | 11.15 | |
| Zenith Bank | 10.65 | 11.80 | 11.22 | |
| CalBank | 10.60 | 12.01 | 11.30 | |
| CBG Bank | 10.60 | 11.65 | 11.12 | |
| Stanbic Bank | 10.50 | 11.70 | 11.10 | |
| Absa Bank | 10.50 | 11.70 | 11.10 | |
| Fidelity Bank | 10.45 | 11.70 | 11.07 | |
| Ecobank | 10.30 | 11.50 | 10.90 | |
| UBA | 10.30 | 11.50 | 10.90 | |
| Standard Chartered | 10.00 | 11.40 | 10.70 | |
| Visa | 9.77 | 12.14 | 10.95 |
The Cedi has lost significant value which has eroded gains in the last one week.