The exchange rate for $1 is to hit ₵20 by December 2022 according to an online poll sighted by Ghanaeducation.org. The poll was carried out by ₵edi Rates @CediRates which provide near accurate and reliable open market exchange rates on a day-to-day basis.
The poll which ended on Fri 11 Nov 2022 sought to find out when the public expected the $ 1 to be exchanged for ₵ 20
Fri 11 Nov 2022, 8:00 AM
💵 1 USD ➔ ₵ 14.18
💷 1 GBP ➔ ₵ 16.64
💶 1 EUR ➔ ₵ 14.52
₿ 1 BTC ➔ ₵ 246,160When do you expect $ 1 ➔ ₵ 20 by?
— ₵edi Rates (@CediRates) November 11, 2022
From the poll, only 4.8% of participants expected it to hit GHS20.00 by the end of November. Another 19% were of the view that this would occur in March 2022.
However, 42.9% and 33.3 % expected the cedi to depreciate to $1 ➔ ₵20 in December 2022 and January 2023 respectively.
Given that the cedi depreciates very often in December due to the heightened demand for foreign currencies including the dollar as a result of the high demand for dollars for import during the festive season IN December, the possibility of the cedi further depreciating is high.
Below is the Bank of Ghana Exchange rates for Monday 14th November and those of ₵edi Rates
Fri 11 Nov 2022 exchange rates were as follows
1 USD ➔ ₵ 14.18
1 GBP ➔ ₵ 16.64
1 EUR ➔ ₵ 14.52
₿ 1 BTC ➔ ₵ 246,160
The exchange rates as published by ₵edi Rates @CediRates for 12 Nov 202 at 8:00 AM were as follows
1 USD ➔ ₵ 14.42
1 GBP ➔ ₵ 17.03
1 EUR ➔ ₵ 14.96
₿ 1 BTC ➔ ₵ 242,011
Sun 13 Nov 2022 rated published at 8:00 AM were
1 USD ➔ ₵ 14.38
1 GBP ➔ ₵ 17.02
1 EUR ➔ ₵ 14.90
₿ 1 BTC ➔ ₵ 241,055
The Ghana Cedi gained some stability as it appreciated marginally on Sunday 13th November 2022.