The cedi may be working hard to remain stable but, every indication in the currency market shows that the Dollar to Cedi exchange rate is going up on the open market as of December 30th 2022.
There is no need for rocket signs to prove this, and the Interbank Exchange Rates of the Bank Of Ghana is not giving the true picture of the current rates determined by the force of demand and supply either.
One of the first sources of updates on the reality of the Dollar to Cedi exchange rate is Google, followed by those published by Cedi Rates, then the BoG Interbank Rates.
At 7 am on 30th December 2022, our research shows that, Google pegged the Dollar to Cedi exchange rate at GHS10.38 from GHS10.00 quoted at close of the day on 29th December.
This change in real value is a 38P appreciation of the Dollar against the Cedi in just 24 hours.
This also represents a depreciation of the cedi by 3.8% between 29th and 30th December 2022 with the rate for 29th as the base rate.
The cedi is stable against other currencies. At the start of Business today, 1 Pound sterling equaled GHS12.49 which shows a drop in the exchange rate from GHS12.50. The Euro also fell by an insignificant 0.01 P on 30th December.
The above shows the Dollar is rising to melt down the gains of the cedi in mid-December, where the Dollar depreciated to trade at GHS8.00 per $. Since then, the cedi has fallen by some GHS4.38 compared to today’s rates quoted on Google.
READ: US Dollar to Ghanaian Cedis Exchange Rate for Today 29th Dec. 2022
The Dollar to Ghana Cedi rates quoted by four top banks and sighted by Cedi rates have become important reference points for those within the foreign exchange market in Ghana.
The US Dollar to Ghanaian Cedis Exchange Rate for 29th Dec. 2022 quoted by these banks and published by Cedi rates can tell where the rates are going as the Cedi has depreciated by 38 Pesewas in 24 hours as quoted by Google.
US Exchange Rate as of Midday on 29th December 2022
Given that the US Dollar to Ghanaian Cedis Exchange Rate from Google has gone up by 38 Pesewas, we expect the rates by the banks and the interbank rate for today to be released by the bank of Ghana to go up marginally.
Per the rates quoted for the dollar by Cedi Rates.
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. However, the Stanbic Bank has remained the same of the last 5 days and makes it extremally unreliable compared to the others banks quoted here.
At the ABSA, the Buy rate for the dollar was 8.70 and the sell rate was GHS10.90
At Fidelity Bank, the Buy rate for the dollar was 9 and the sell rate was GHS11.80.
At the CalBank, the Buy rate for the dollar was GHS9.9 and the sell rate was GHS11.96
At the Binance P2P, the Buy rate for the dollar was 11.34 and the sell rate was GHS11.35
