Exchange rates quoted by Cedi Rates on 26th December 2022 show that the dollar is gradually gaining. A check on Google confirmed that the dollar is gaining strength. Governments policies and the efficacy in dealing with the depreciation of the cedi will be questions in the coming days if the Cedi fails to stabilize and starts another endless journey down the trenches of depreciation.
In the wake of the appreciation of the Cedi Ghanaians praised the Minister of Finance and Vice President Dr. Bawumi for their leadership and policies. Others have argued that both men did nothing special and that the appreciation of the cedi which went as low as GHS8.00/$ was artificial and speculated it was going to loose the fight soon.
The cedi which was signs of recovery and was at a buy price of GHS8.00 days before Christmas has started depreciating and now at a buying rate of at least GHS8.25 per dollar.
An uncontrolled depreciation can further worry the rather fragile economic gains made recently.
Below is the current rates as quoted by Google.com.
Cedi depreciates as Dollar, Pounds make gains on Boxing day -Check the new rates per Cedi Rates Update
At the GCB, the Buy rate for the dollar was 9.00 and the sell rate was GHS11.85
At the Stanbic Bank, the Buy rate for the dollar was 8.50 and the sell rate was GHS10.50
At the ABSA, the Buy rate for the dollar was 8.50 and the sell rate was GHS10.70
At the Fidelity Bank, the Buy rate for the dollar was 8.70 and the sell rate was GHS10.60
At the CalBank, the Buy rate for the dollar was 8.25 and the sell rate was GHS11.50
At the Binance P2P, the Buy rate for the dollar was 10.72 and the sell rate was GHS10.72
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