Dollar-Cedi Exchange Rate: 1 Dollar is now Gh₵12.03 as demand goes up. What Does this mean for business, import, and export during the festive season?
The demand for dollars as the year inches to an end is showing in the increase in the exchange rate in favour of the dollar. As of October 23rd, 1 dollar was selling at GH₵12.03 as traders and businesses demanded more dollars. This trend is projected to continue through January 2024.
A check for exchange rates from your favourite banks and forex bureaus on October 24 showed Binance P2P, which is a crypto exchange entity, is quoting a selling price of Gh₵12.36 for $1, while WeWire Africa, a Fintech firm, is quoting Gh₵12.45.
The Bank of Ghana (the Central Bank) is quoting the lowest rate on the market, which is the average rate at the close of business on October 23rd.
AfriSwap, one of the reliable forex bureaus in Accra, is quoting Gh₵12.25 for $1. Commercial banks are, however, quoting a rate between Gh₵11.85 and Gh₵12.00 for a dollar.
Exchange rates are projected to go up, leading to the depreciation of the cedi as we inch closer to the festive season. The increase in the exchange rate is mainly the result of an increase in demand for the dollar and the workings of demand and supply mechanisms.
As demand for dollars surges, the supply of dollars within the market remains low, hence an increase in the rate. The current trend is a common phenomenon when the year is coming to a close.
Why is the Dollar-Cedi Exchange Rate Rising?
The dollar-to-cedi exchange rate has been on a steady rise in recent months, and it is projected to continue to increase through November and December due to the higher demand for dollars and lower supply during the yuletide.
Businesses, entrepreneurs, and other stakeholders seeking to ship more goods into the market and pay creditors in dollars will demand more dollars within the local economy, hence forcing the exchange rate upward.
As of October 24, 2023, the dollar-to-cedi exchange rate is as follows:
Dollar to Cedi Exchange Rate for the day
| Name | Buying | Selling | MidRate | |
|---|---|---|---|---|
| Binance P2P Crypto Exchange | 12.30 | 12.36 | 12.33 | |
| WeWire Africa Fintech | 12.28 | 12.45 | 12.36 | |
| CediConvert Crypto Exchange | 12.20 | 12.30 | 12.25 | |
| AfriSwap Forex Bureau | 12.00 | 12.25 | 12.12 | |
| GAFORB Forex Bureau | 11.90 | 12.20 | 12.05 | |
| Express Forex Bureau | 11.90 | 12.30 | 12.10 | |
| Wise Money Transfer | 11.72 | – | – | |
| Ecobank Commercial Bank | 11.58 | 11.88 | 11.73 | |
| GCB Bank Commercial Bank | 11.50 | 11.85 | 11.67 | |
| CBG Bank Commercial Bank | 11.50 | 11.90 | 11.70 | |
| Fidelity Bank Commercial Bank | 11.45 | 11.89 | 11.67 | |
| Access Bank Commercial Bank | 11.45 | 11.87 | 11.66 | |
| Stanbic Bank Commercial Bank | 11.42 | 11.88 | 11.65 | |
| Bank Of Ghana Central Bank | 11.41 | 11.42 | 11.42 | |
| Western Union Money Transfer | 11.40 | – | – | |
| Zenith Bank Commercial Bank | 11.40 | 11.95 | 11.67 | |
| UBA Commercial Bank | 11.38 | 11.88 | 11.63 | |
| Remitly Money Transfer | 11.37 | – | – | |
| Sendwave Money Transfer | 11.37 | – | – | |
| Absa Bank Commercial Bank | 11.35 | 11.85 | 11.60 | |
| CalBank Commercial Bank | 11.35 | 11.91 | 11.63 | |
| WorldRemit Money Transfer | 11.35 | – | – | |
| GTBank Commercial Bank | 11.33 | 11.89 | 11.61 | |
| Standard Chartered Commercial Bank | 11.30 | 11.89 | 11.59 | |
| Visa Payment Processor | – | 12.67 | – |
What does this mean for you?
If you are planning to travel to Ghana or make a payment in cedi, it is important to be aware of the current exchange rate and how it may affect your budget. It is also important to compare exchange rates from different providers to get the best deal.
Here are a few tips for getting the best exchange rate:
- Shop around and compare rates from different providers.
- Consider using a peer-to-peer (P2P) exchange platform, such as Binance P2P or WeWire Africa, to get better rates than from banks or currency exchange bureaus.
- Be aware of any fees that may apply.
- Avoid exchanging money at the airport, as the rates are typically less favourable.
The dollar-to-cedi exchange rate is projected to continue to increase through November and December due to the higher demand for dollars and lower supply during the yuletide.
READ: Anti Corruption: Special Prosecutor visits FBI headquarters
If you are planning to travel to Ghana or make a payment in cedi, it is important to be aware of the current exchange rate and how it may affect your budget. It is also important to compare exchange rates from different providers to get the best deal.