Cedi Weakens Further Against The Dollar: March 13th, 2024 Exchange Rate Update
The Cedi Dollar exchange rate for March 13th, 2024, is out; however, it does not look good for the local currency.
The Ghanaian cedi remains weak against the dollar as the March 13th, 2024 exchange rate updates from banks and fintech trickle in. At the start of business on March 13th, 2024, the weakness of the Ghanaian cedi went up as the selling rate for the cedi to USD moved by 0.15 pesos compared to the exchange rate for Tuesday, March 12th.
The importance of the Cedi-Dollar exchange rate and its impact on businesses, imports, and exports, as well as the general stability of the Ghanaian economy, cannot be underestimated.
The more the cedi depreciates against the dollar and major trading currencies, the more the economy suffers.
The Cedi to Dollar exchange rate as of March 13th, 2024, from Afriswap Forex Burea serves as a reliable exchange rate for individuals and businesses trading in forex today for varied currency transfers.
The Cedi-Dollar exchange rate influences the strength and growth of the local economy.
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Per the Cedi to USD dollar exchange rate quoted by Afriswap Forex Burea, the dollar is selling at GHS 13.25 while the buying rate is pegged at GHS 12.95. The cedi is weakening by the day against the dollar, pound, and euro, which negatively affects the local economy.
Within the Ghana currency exchange, the continuous depreciation of the cedi against the dollar can be attributed to the continuous poor economic outlook for Ghana and the country’s inability to honour its debt obligations, which continue to increase.
The continuous weakening of the cedi means imports are becoming more expensive by the day, and since most consumable and capital goods are imported, the prices of these goods will continue to increase, creating high inflation within the local economy. This can negatively impact local manufacturing companies since they rely on the import of essential raw materials and capital for production.
The cedi to USD has continued a downward trend in favour of the US dollar for many months, making it difficult for the cedi to maintain any stability when it makes slight gains.
Sell Dollar Exchange Rate
| Currency | Sell Rate |
| US Dollar (USD) | 13.25 |
| British Pound (GBP) | 16.75 |
| Euros (EUR) | 14.30 |
| Canadian Dollar (CAD) | 10.20 |
| Swiss Franc (CHF) | 14.70 |
| Naira² (NGN) | 11.00 |
| South African Rand (ZAR) | 1.10 |
| West African CFA² (XOF) | 22.00 |
Buy-Dollar Exchange Rate
| Currency | Buy Rate |
| US Dollar (USD) | 12.95 |
| British Pound (GBP) | 16.25 |
| Euros (EUR) | 13.80 |
| Canadian Dollar (CAD) | 9.20 |
| Swiss Franc (CHF) | 13.70 |
| Naira² (NGN) | 6.00 |
| South African Rand (ZAR) | 0.40 |
| West African CFA² (XOF) | 19.50 |
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Do well to share the details provided in this Cedi-Dollar exchange rate update for March 13th. We all need to keep an eye on the Ghana currency exchange with a special interest in the Cedi to USD since it affects our daily lives directly and indirectly.
