The dollar-to-cedi exchange rate hit GHS12.25 on October 26, 2023, its highest level ever. The cedi has been depreciating against the dollar for several months, and this downward trend is likely to continue in the near future.
While the Central Bank is quoting a selling rate of GHS11.46, commercial bank rates range between GHS11.80 and GHS12.25.
Dollar-Cedi Exchange Rate Hits GHS12.25 in Forex Bureaus, BoG quotes GHS11.46
| Name | Buying | Selling | MidRate | |
|---|---|---|---|---|
| WeWire Africa Fintech | 12.28 | 12.45 | 12.36 | |
| CediConvert Crypto Exchange | 12.07 | 12.43 | 12.25 | |
| Binance P2P Crypto Exchange | 12.02 | 12.03 | 12.02 | |
| GAFORB Forex Bureau | 12.00 | 12.20 | 12.10 | |
| AfriSwap Forex Bureau | 12.00 | 12.25 | 12.12 | |
| Western Union Money Transfer | 11.86 | – | – | |
| Express Forex Bureau | 11.80 | 12.25 | 12.02 | |
| Wise Money Transfer | 11.76 | – | – | |
| GCB Bank Commercial Bank | 11.60 | 11.88 | 11.74 | |
| Ecobank Commercial Bank | 11.58 | 11.88 | 11.73 | |
| CBG Bank Commercial Bank | 11.55 | 11.95 | 11.75 | |
| Access Bank Commercial Bank | 11.50 | 11.89 | 11.69 | |
| Remitly Money Transfer | 11.48 | – | – | |
| Sendwave Money Transfer | 11.48 | – | – | |
| Stanbic Bank Commercial Bank | 11.46 | 11.98 | 11.72 | |
| Bank Of Ghana Central Bank | 11.45 | 11.46 | 11.46 | |
| Fidelity Bank Commercial Bank | 11.45 | 11.95 | 11.70 | |
| WorldRemit Money Transfer | 11.42 | – | – | |
| GTBank Commercial Bank | 11.41 | 11.90 | 11.65 | |
| Absa Bank Commercial Bank | 11.40 | 11.90 | 11.65 | |
| Standard Chartered Commercial Bank | 11.40 | 11.95 | 11.67 | |
| Zenith Bank Commercial Bank | 11.40 | 11.95 | 11.67 | |
| CalBank Commercial Bank | 11.40 | 11.95 | 11.67 | |
| UBA Commercial Bank | 11.40 | 11.89 | 11.64 | |
| Visa Payment Processor | – | 12.69 | – |
There are a number of factors contributing to the Cedi’s depreciation. One factor is the rising demand for dollars from importers.
Currently business need more dollar to import goods and services for the Christmas and New year festivities hence more dollar is being demanded.
Ghana imports a wide range of goods, from food to fuel to machinery. As the price of these goods rises in dollars, Ghanaian importers need more cedis to buy them.
Another factor contributing to the cedi’s depreciation is the decline in Ghana’s foreign reserves. Foreign reserves are the stock of foreign currencies that a central bank holds. Ghana’s foreign reserves have been declining in recent months due to a number of factors, including the rising cost of imports and the decline in the value of Ghana’s exports.
The depreciation of the cedi is having a number of negative consequences for Ghana. It is making imports more expensive, which is leading to inflation. It is also making it more difficult for Ghanaian businesses to compete in the global marketplace.
READ: US Dollar to Russia’s Rubles Exchange Rate Today, October 26th, 2023
The Ghanaian government is taking a number of steps to try to stabilize the cedi. These steps include raising interest rates and increasing the supply of dollars on the market. However, it is unclear whether these steps will be enough to stop the cedi from depreciating further.
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