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Dollar to Cedi Exchange Rates: Banks, Forex and Black Market on Jan., 8th

WISDOM K.E HAMMOND 6 days ago

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

At Aboki, a forex bureau, the dollar is selling at GHS15.80 while the buying rate is pegged at GHS15.30.

Binance P2P is offering a selling rate of GHS14.49 and a buying rate of GHS15.50.

Rates quoted by commercial banks are a bit lower compared to rates quoted by Aboki and Forex Bureaus.

At CalBank, the dollar is going for GHS 14.50 and GHS 15.10.

Black market dollar-to-cedi exchange rates

How much is $100 in Ghana cedis in black? Per information sighted by this portal, a dollar is valued at Ghs15.90 on the black market and translated into the following values if converted.

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:

Some experts argue that the exchange rate is fundamentally influenced by economic factors like inflation, foreign reserves, and trade balances rather than solely by political leadership. Mahama’s success in managing these fundamentals would be crucial. His promises to stabilise the economy within 100 days by reducing government expenditure and expanding the tax net suggest a strategic approach, but the real impact would depend on his ability to implement these measures effectively.

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.

READ: Dollar-to-Cedi rate for today 30th January 2023

While there’s optimism for short-term stabilisation due to market reactions to Mahama’s election, the long-term outlook would depend significantly on policy implementation, global economic conditions, and how well Mahama can address the underlying economic issues of Ghana. The change in leadership itself has injected some optimism, but experts caution that real economic improvement will require time and effective policy execution.