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Dollar-Cedi Exchange Rate Hits GHS12.25 in Forex Bureaus, BoG quotes GHS11.46

WISDOM K.E HAMMOND 1 year ago

Pound to Cedi Exchange Rates Today 31st December 2023 Dollar-Cedi Exchange Rate The exchange rate of the British pound (GBP) to the Ghanaian cedi (GHS) on September 15th, 2023 is as follows:

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.

Tags: Dollar Cedi Exchange Rate