The Dollar to Cedi Exchange Rates hardly favour Ghana’s cedi even on a good day. More worrying is how the daily fluctuations impact businesses in Ghana. In this business write-up, we take a critical look at how daily high fluctuating Dollar to Cedi exchange rates affects investor confidence in Ghana.
Today’s Dollar to Cedi Exchange Rates: banks and Forex Bureaus
Exchange Rates From Banks and FINTECH
| Name | Buying | Selling | MidRate | |
|---|---|---|---|---|
| Binance P2P Crypto Exchange | 11.64 | 11.64 | 11.64 | |
| WeWire Africa Fintech | 11.53 | 11.78 | 11.65 | |
| GAFORB Forex Bureau | 11.40 | 12.00 | 11.70 | |
| Access Bank Commercial Bank | 11.00 | 11.75 | 11.38 | |
| Bank Of Ghana Central Bank | 10.99 | 11.00 | 10.99 | |
| UBA Commercial Bank | 10.87 | 11.73 | 11.30 | |
| GCB Bank Commercial Bank | 10.85 | 11.72 | 11.29 | |
| Absa Bank Commercial Bank | 10.77 | 11.77 | 11.27 | |
| Ecobank Commercial Bank | 10.75 | 11.75 | 11.25 | |
| CBG Bank Commercial Bank | 10.75 | 11.75 | 11.25 | |
| Stanbic Bank Commercial Bank | 10.72 | 11.72 | 11.22 | |
| Standard Chartered Commercial Bank | 10.72 | 11.72 | 11.22 | |
| CalBank Commercial Bank | 10.70 | 11.81 | 11.26 | |
| Zenith Bank Commercial Bank | 10.60 | 11.73 | 11.16 | |
| GTBank Commercial Bank | 10.46 | 11.85 | 11.15 | |
| Visa Payment Processor | 10.28 | 12.51 | 11.39 |
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Today’s Dollar to Cedi Exchange Rates from Forex Bureaus
| Currency | Buy Rate |
 US Dollar¹ (USD) | 11.50 |
 British Pound (GBP) | 15.00 |
 Euros (EUR) | 12.50 |
 Canadian Dollar (CAD) | 8.50 |
 Swiss Franc (CHF) | 12.20 |
 Naira² (NGN) | 12.00 |
 South African Rand (ZAR) | 0.30 |
 West African CFA² (XOF) | 17.00 |
| Currency | Sell Rate |
| US Dollar¹ (USD) | 11.75 |
| British Pound (GBP) | 15.60 |
| Euros (EUR) | 13.10 |
| Canadian Dollar (CAD) | 10.00 |
| Swiss Franc (CHF) | 13.50 |
| Naira² (NGN) | 18.00 |
| South African Rand (ZAR) | 0.90 |
| West African CFA² (XOF) | 21.00 |
Today’s Dollar-to-Cedi Exchange Rates and how exchange rates affect investor confidence in Ghana
The daily high dollar-to-cedi exchange rates can affect investor confidence in Ghana in a number of ways.
- Increased uncertainty: When the cedi is weak, it means that it takes more cedis to buy a dollar. This 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 Ghanaians to invest in foreign assets, such as stocks and bonds. This uncertainty can make investors less likely to invest in Ghana, which can slow down economic growth.
- Reduced purchasing power: When the cedi is weak, it means that Ghanaians’ purchasing power is reduced. This is because they have to pay more cedis for the same goods and services. This can lead to a decrease in consumer spending, which can further slow down economic growth.
- Increased inflation: When the cedi is weak, it can lead to increased inflation. This is because businesses are more likely to pass on the higher costs of importing goods and services to consumers in the form of higher prices. This can make it more difficult for people to make ends meet, which can lead to social unrest.
In order to maintain investor confidence in Ghana, the government needs to take steps to stabilize the cedi. This can be done by reducing the country’s budget deficit, increasing foreign exchange reserves, and improving the business environment.
Here are some specific steps that the government can take to stabilize the cedi:
- Reduce the budget deficit: The government’s budget deficit is the difference between the government’s spending and its revenue. When the government spends more money than it takes in, it has to borrow money. This can put upward pressure on the cedi, as the government has to sell more cedis to pay back its debts. The government can reduce its budget deficit by cutting spending or increasing revenue.
- Increase foreign exchange reserves: Foreign exchange reserves are the government’s stockpile of foreign currency. These reserves can be used to buy cedis if the cedi starts to weaken. This can help to stabilize the cedi and prevent it from depreciating too much. The government can increase its foreign exchange reserves by selling more exports or attracting more foreign investment.
- Improve the business environment: The business environment is the set of rules and regulations that businesses have to follow in order to operate. A good business environment is one that is predictable and transparent. This makes it easier for businesses to invest and operate in Ghana, which can help to stabilize the cedi. The government can improve the business environment by simplifying regulations, reducing corruption, and providing better infrastructure.
These and many other forward-looking and disciplined financial management efforts are required to boot the confidence of investors in Ghana’s ailing economy.