It is day two of John Dramani Mahama’s reign as president of Ghana, and the dollar-to-Cedi Exchange Rates: from banks, Forex, and the black market for Jan 8th, 2025, are out. The average rate for $1 is ₵15.14 today, January 8th, 2025, compared to ₵16.24 three months ago. The Bank of Ghana interbank rate is pegged at a sellingm rate of GHS14.71 and a buying rate of GHS14.69
Black market dollar-to-cedi exchange rates
| Conversion rates US Dollar / Ghanaian Cedi | |
|---|---|
| 100 USD | 1,590.00 GHS |
| 250 USD | 3,975.00 GHS |
| 500 USD | 7,950.00 GHS |
| 1000 USD | 15,900.00 GHS |
Dollar to Cedi Exchange Rates for Jan. 8th, 2025
Name | Buying | Selling |
|---|---|---|
Aboki | 15.30 | 15.80 |
Binance P2P | 15.50 | 15.49 |
KuCoin P2P | 15.49 | 15.42 |
CalBank | 14.50 | 15.10 |
Stanbic Bank | 14.48 | 15.00 |
Ecobank | 14.25 | 14.95 |
GTBank | 14.55 | 14.95 |
Absa Bank | 14.45 | 14.94 |
CBG Bank | 14.72 | 14.92 |
GCB Bank | 14.60 | 14.90 |
Fidelity Bank | 14.45 | 14.90 |
Zenith Bank | 14.51 | 14.90 |
Standard Chartered | 14.35 | 14.88 |
Access Bank | 14.52 | 14.85 |
UBA | 14.50 | 14.85 |
Bank of Ghana | 14.69 | 14.71 |
Following John Dramani Mahama’s election as president, experts have provided various perspectives on the expected trajectory of the dollar to cedi exchange rates:
Immediate Market Reaction:
There has been an immediate positive reaction to Mahama’s victory, with the cedi experiencing a significant rebound against the US dollar. This indicates a vote of confidence in Mahama’s economic policies, suggesting expectations of stabilisation or improvement in the short term. The cedi’s value has shifted from 17 cedis to the dollar to around 14.55 cedis, highlighting a market sentiment favouring Mahama’s economic strategies.
Policy Expectations:
Mahama has promised to introduce a fixed exchange rate policy, aiming to address the volatility of the exchange rate, combat constant price hikes, and ensure market certainty. This policy, if implemented, could potentially stabilise the cedi, reducing the drastic fluctuations seen in recent times. However, the effectiveness of such a policy would depend heavily on its execution and the broader economic context.
Historical Context and Criticism:
During his previous term, Mahama’s administration saw the cedi weaken significantly. Critics from the opposition have highlighted the depreciation from GH¢4 to GH¢16 per dollar under his watch, questioning the promise of economic turnaround. This historical performance adds a layer of scepticism about how quickly or effectively Mahama can reverse the current trend.
Economic Fundamentals vs. Political Promises:
Long-term Forecasts:
General forecasts from financial analysts and platforms like Walletinvestor.com suggest a long-term appreciation of the cedi against the dollar over the next few years, but these predictions are not directly tied to Mahama’s policies and more to broader economic trends and expectations. However, Mahama’s influence could accelerate or modify these trends depending on his policy outcomes.
Sentiment on X:
Posts on X (formerly Twitter) reflect a mix of optimism and skepticism. Some users expect the cedi to depreciate further due to its nature as a local currency, while others hold onto hopes of a return to previous, more favourable exchange rates under Mahama’s leadership. This indicates a divided public sentiment regarding the immediate future of the exchange rate.