Cedi Vs Dollar: The Latest Rates and Their Impact on the Economy

Today, we come your way with the US Dollar To Ghanaian Cedi Exchange Rates For Today And Its Impact On The Local Economy. We do not only provide you with reliable exchange rates but also useful economic data and information for decision-making.

The dollar as of July 20th, 2023 is selling between GHS11.75 and 12.10 in Forex Bureaus. However, banks such as Access Bank and GCB Bank as quoting a selling price of GHS11.75. CBG Bank, another Commercial Bank is selling $1 for GHS11.79 while GTBank has quoted GHS11.85. At WeWire Africa which is a Fintech, $1 is selling for GHS 11.78.

Dollar To Ghanaian Cedi Rates From Banks, Fintechs, and Forex Bureaus

Dollar To Ghanaian Cedi Rates Plus Rates of Other Currencies 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

Why the Ghana Cedi is struggling against the dollar in recent times and its impact on the local economy.

Dollar To Ghanaian Cedi Rates From Banks, Fintechs, and Forex Bureaus And Its Impact On The Local Economy

The Ghanaian cedi has been struggling against the US dollar in recent times, largely due to a number of factors, including:

Increased demand for foreign currency. The demand for foreign currency has increased in Ghana in recent months, as businesses and individuals have sought to secure US dollars to meet their import needs. This has put upward pressure on the cedi.

Falling oil prices. Ghana is a major oil exporter, and the recent decline in oil prices has had a negative impact on the country’s economy. This has led to a decline in foreign exchange earnings, which has also put downward pressure on the cedi.

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The depreciation of the cedi has had a number of negative impacts on the local economy, including:

Increased inflation. The depreciation of the cedi has made imports more expensive, which has led to an increase in inflation. This has made it more difficult for Ghanaians to afford basic goods and services.

Reduced purchasing power. The depreciation of the cedi has also reduced the purchasing power of Ghanaians. This means that they can buy less with their money, which has made it more difficult to make ends meet.
Increased debt burden. The depreciation of the cedi has also increased the debt burden of the Ghanaian government. This is because the government’s debt is denominated in US dollars, so when the cedi depreciates, the value of the debt in cedi terms increases.

The Ghanaian government has taken a number of measures to try to stabilize the cedi, including:

Intervening in the foreign exchange market. The government has intervened in the foreign exchange market by selling dollars to try to prop up the value of the cedi. However, this has been a costly exercise, and it is not clear how sustainable it is in the long term.

Raising interest rates. The Bank of Ghana has raised interest rates in an attempt to make the cedi more attractive to investors. However, this has also had a negative impact on the economy, as it has made it more expensive for businesses to borrow money.

The future of the cedi is uncertain. The government is facing a number of challenges in trying to stabilize the currency, and it is not clear whether these challenges can be overcome. However, the government is committed to trying to stabilize the cedi, and it is likely to continue to take measures to do so.