The Dollar to Cedi Exchange rates for 1st September 2023 have been released for stakeholders. The cedi started the month with a dollar selling for GHS11.02 per the Bank of Ghana while Forex Bureaus quoted a selling Price of GHS11.65. Banks such as CBG Bank and Standard Chartered are quoting a selling price of HS11.56 and HS11.57 respectively as shown on the Dollar to Cedi Exchange rates quoted by banks.
An upward-moving dollar-to-cedi rate on the first day of the month can have a number of implications for businesses, citizens, and the economy.
- For businesses: An increasing dollar rate can make it more expensive for businesses to import goods and services, which can lead to higher prices for consumers. It can also make it more difficult for businesses to compete with foreign competitors.
- For citizens: An increasing dollar rate can make it more expensive for citizens to travel abroad and buy imported goods. It can also erode the value of savings and investments denominated in cedis.
- For the economy: An increasing dollar rate can lead to a decline in exports, as foreign buyers become less interested in Ghanaian goods and services. It can also lead to inflation, as businesses pass on the higher costs of imports to consumers.
READ: Dollar to Cedi Exchange Rates (Daily rates from banks you can trust)
However, it is important to note that the impact of an upward-moving dollar rate will vary depending on the specific circumstances of each business, citizen, and the economy as a whole. For example, businesses that export goods and services to the United States may benefit from an increasing dollar rate, as they will be able to earn more cedis for their exports.
Ultimately, the impact of an upward-moving dollar rate will depend on a number of factors, including the underlying economic conditions, the policies of the Bank of Ghana, and the reactions of businesses and consumers.
Here are some additional things to consider:
- The upward moving dollar rate could also lead to some businesses moving their operations overseas, in order to save money on labor costs. This could lead to job losses in Ghana.
- The government may intervene in the foreign exchange market to try to stabilize the cedi. This could involve selling dollars from its reserves or taking other measures to discourage people from exchanging cedis for dollars.
- The Bank of Ghana may also raise interest rates in an attempt to attract foreign investors and slow down the depreciation of the cedi. However, this could also have a negative impact on businesses and consumers, as it would make it more expensive to borrow money.
The overall impact of an upward-moving dollar rate is complex and uncertain. It is important to monitor the situation closely and to take steps to mitigate the risks, if necessary.
Per the rates, Afriswap Forex Bureau in Osu, the major currencies and their selling prices are as follows.
|US Dollar¹ (USD)||11.65|
|British Pound (GBP)||15.00|
|Canadian Dollar (CAD)||11.00|
Exchange rates for 1st September 2023
Check the latest rates for the first day of business in September
|Bank Of Ghana|