US Dollar to Ghanaian Cedi Rates For Today Released By BoG as Cedi Depreciates
The US Dollar to Ghanaian Cedi Exchange Rates for today released by the Bank of Ghana (BoG) as the Cedi Depreciates Further.
The rates released by the BoG for dollars show an increase in the exchange rate compared to the 13th April rates.
On 13th April 2023, the rate from the BoG for buying and selling dollars was GHS10.92 and GHS10.93 respectively.
Today, 14th April, the rates are GHS10.93 and GHS10.94 respectively.
That is a further gain for the dollar against the Cedi. At the Forex Bureaus, the Cedi has lost more value.
The buy and sell rates of GHS11.00 and the GHS12.00 per dollar quote on 13th April have shot up to GHS11.40 and GHS12.40.
Thus the cedi depreciates in value compared to the 13th April price by GHS0.40 Pesewas which translates into 3.33% loss in percentage terms.
US Dollar to Ghanaian Cedi Rates – Forex Bureaus
| Currency | Buy Rate |
 US Dollar¹ (USD) | 11.40 |
 British Pound (GBP) | 13.70 |
 Euros (EUR) | 12.00 |
| Currency | Sell Rate |
| US Dollar¹ (USD) | 12.40 |
| British Pound (GBP) | 14.70 |
| Euros (EUR) | 13.00 |
US Dollar to Ghanaian Cedi Rates – BoG
| Currency | Buy Rate |
| US Dollar¹ (USD) | 10.93 |
| British Pound (GBP) | 13.39 |
| Euros (EUR) | 12.08 |
| Currency | Sell Rate |
| US Dollar¹ (USD) | 10.94 |
| British Pound (GBP) | 13.71 |
| Euros (EUR) | 13.09 |
In a related development, the country hopes to complete her IMF Bailout processes and receive some 3 billion dollars to stabilize the local economy by the end of May. This coupled with the fact that more engagements need to be done with regard to the debt restructuring efforts of the country maybe some of the contributing factors to the current upwards trend of the dollar’s strength against the local currency.
The Finance Minister, Ken Ofori-Atta, has revealed that Ghana is likely to receive the International Monetary Fund’s (IMF) Board approval for a $3 billion bailout by the close of May 2023.
Mr Ofori Atta speaking to Eurobond holders at an Investors Presentation Forum said Ghana has made significant progress in terms of restructuring its debt and called on external creditors to support the country’s application for an IMF programme.
“We do at this time expect an IMF board approval in May [2023] and contemplate a rapid negotiation of a Memorandum of Understanding (MoU) with our creditors. We have made significant efforts on all fronts. We hope we could reach an agreement in principle with you our Eurobond holders quickly”.
READ: US Dollar to Ghanaian Cedi Rates Go Up In All Banks
“We understand this is a challenging time for all of you to commit and offer financial support to all of you. But please be assured we are fully committed to you and your advisors to ensure an equitable solution,” he said.
