US Dollar to Ghanaian Cedi Rates Go Up In All Banks

The US Dollar to Ghanaian Cedi Rates for today is out as the Dollar gains heavily against the local currency. The US Dollar to Ghanaian Cedi Rates quoted by all banks reflected the upward movement of the dollar against the Cedi.

Prior to today, the Cedi had made gains in the last 10 days and traded at around GHS10.70 per Dollar.

The appreciation of the Cedi comes after information trickled in that Ghana may not get her IMF bailout approved until after April.

The Dollar to Cedi exchange rate and the associated graph on Google shows the reality and the actual mid-rate at which the dollar is strongly trading. Google quotes a rate of 11.30 Ghanaian Cedi per Dollar for the mid-rate, which is also higher than the Bank of Ghana rate.

The upward move of the exchange rate against the local currency has several implications on the domestic economy

US Dollar to Ghanaian Cedi Rate Per Google Update

Cedirates puts the above from the right perspective thus, “The players are playing. Today the exchange rate has galloped significantly across USD, GBP, and EUR.”

All major banks in Ghana quoted high Dollar to Cedi Exchange rates for the day. While the Interbank Rates from the Bank of Ghana indicated a buy and sell rate of Ghs10.70 and GHS10.90 respectively, Forex Bureaus quoted Ghs11.00 and GHS12.00 for a dollar.

The position of Professor of Applied Economics at America’s Johns Hopkins University that the Ghana Cedi as a junk currency needs to be looked at humbly and respectfully by Ghana.

He has also consistently called for the establishment of a currency board that needs to be looked at. He has thus, classed it into a category of currencies in his rogue gallery of junk currencies as announced in a tweet dated March 11, 2023.

A weak local currency is dangerous to the local economy because a weak local currency can lead to higher inflation, as imports become more expensive, and the cost of producing goods domestically increases due to higher input costs. This can lead to higher prices for goods and services, reducing the purchasing power of consumers and eroding the value of savings.

READ: Visa and Master Card Dollar, Pound and Euro Exchange Rates By Banks In Ghana

DOLLAR TO CEDI EXCHANGE RATES PLUS EURO AND POUND FROM FOREX BUREAUS

SELL RATE FOR THE THREE MAJOR CURRENCIES

READ: Weekend Dollar to Cedi Exchange rates out after rising sharply for 2 days in a row

Currency	Sell Rate
US Dollar¹ (USD)	12.00
British Pound (GBP)	14.40
Euros (EUR)	12.70

BUY RATE FOR THE THREE MAJOR CURRENCIES

Currency	Buy Rate
US Dollar¹ (USD)	11.00
British Pound (GBP)	13.40
Euros (EUR)	11.70

READ: Dollar Gives Cedi Dirty Slaps ($1=GHS12): Dollar to Cedi exchange rates today