Dollar-Cedi Rates Out For Today: Likely To Hit GHS14/$ Before End Of April
The Ghana Cedi continues to depreciate against the dollar daily and with the dollar selling at GHS13.60 in forex bureaus, the Cedi is likely to crumble to $1 to GHS14.00 by the end of the month.
Per the rates released as of 7 am today, April 9th, by the Afriswap Forex Bureau, the buying rate for a dollar is GHS 3.20, while the selling rate is GHS 13.60.
The Ghanaian cedi-to-dollar exchange rate is a subject of perpetual curiosity, particularly for organizations and individuals engaged in global commerce. Forecasts suggest that the cedi may experience difficulty, as evidenced by its current value of GHS14 per dollar, by the conclusion of April.
There are multiple factors that contribute to the ongoing resistance of the cedi against the dollar. An essential determinant is the commerce balance of Ghana. Frequently, the nation’s imports of services and products exceed its exports, resulting in an increased need for foreign currencies such as the dollar. This disparity exerts strain on the cedi, resulting in its depreciation.
Inflation and interest rates additionally exert an impact on the exchange rate. As foreign investors pursue greater returns, the cedi’s value may be eroded by high inflation rates, whereas elevated interest rates may entice them to invest. Nonetheless, it is critical to preserve an equilibrium between inflation and interest rates in order to avert additional devaluation of the cedi.
The Ghanaian cedi’s resistance against the U.S. dollar constitutes an intricate matter impacted by a multitude of economic variables. A concerted effort from the government and relevant parties is necessary to address these concerns to stabilize the currency and stimulate economic expansion.
What is the meaning of the buy-and-sell rates quoted?
The Buy rate quoted for the currency pair is the rate at which forex bureaus buy your foreign currency from you. On the other hand, the Sell rate quoted by the bureaus refers to the rate at which forex bureaus sell the foreign currency to you.
READ: We’ll increase transport fares from April 13 even if you don’t like it
Dollar-Cedi Rates Out For Today
Currency | Buy Rate |
US Dollar¹ (USD) | 13.20 |
British Pound (GBP) | 16.35 |
Euros (EUR) | 13.85 |
Canadian Dollar (CAD) | 10.00 |
Swiss Franc (CHF) | 14.00 |
Naira² (NGN) | 8.50 |
South African Rand (ZAR) | 0.40 |
West African CFA² (XOF) | 20.50 |
Currency | Sell Rate |
US Dollar (USD) | 13.60 |
British Pound (GBP) | 16.95 |
Euros (EUR) | 14.45 |
Canadian Dollar (CAD) | 11.00 |
Swiss Franc (CHF) | 15.00 |
Naira² (NGN) | 13.50 |
South African Rand (ZAR) | 1.10 |
West African CFA² (XOF) | 22.50 |
MUST READ LATEST STORIES
- Odomase sub chief donates US$2,000 worth computers to alma mater
- Otumfuo Osei Tutu II Foundation collaborates with Newmont Ghana to build Artificial Intelligence Center at Kona
- Esther Cobbah elected President of Institute of Public Relations, Ghana
- GES grants SHS students break for voter registration
- List of WAEC Offices and Contacts Across Ghana
- Three teacher unions give government one week ultimatum to address conditions of service
- La District Junior Youth 2024 BECE Mock: Ghana Education News partners the Presbyterian Church
- WAEC Releases 2024 WASSCE Timetable (waecgh.org)
- President Akufo-Addo cuts sod for MIIF Technical Training Centre
- Kabaka Foundation supports UG Vice Chancellor’s laptop initiative
- WAEC releases 2024 BECE Social Studies sample questions (P1 & 2)
- The Church Of Pentecost Disburses Educational Sponsorships Worth GHC 14,281,540.13
- FDA uncovers expired food items at Zuarungu SHS
- Special Prosecutor Arrests Deputy Education Minister Over Bribery
- NaCCA Set to give a presentation on Ghana’s ‘new’ SHS Curriculum at UEW
Send Stories | Social Media | Disclaimer
Send Stories and Articles for publication to [email protected]
We Are Active On Social Media
WhatsApp Channel: JOIN HERE
2024 BECE and WASSCE Channel - JOIN HERE
Facebook: JOIN HERE
Telegram: JOIN HERE
Twitter: FOLLOW US HERE
Instagram: FOLLOW US HERE
Disclaimer:
The information contained in this post on Ghana Education News is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.