The dollar-to-cedis rate for the day is out for today. The dollar is sold at GHS12.00 in Forex bureaus today. Today, the dollar is selling between GHS12.00 and GHS12.50 in banks per rates from Cedirates. Absa Bank quotes the highest selling rate of GHS 12.21.
The dollar seems to be heading towards $1 to GHS13.00 as the VISA is selling the dollar at 12.90.
The Black market 1 dollar to cedi black market today is 1 USD = 11.8 GHS.
READ: US Dollar to Ghanaian Cedi Rates for May 5th 2023 (Banks Vs Black Market)
Why is the Ghanaian cedi struggling against the dollar?
- High inflation erodes the purchasing power of the cedi.
- Ghana’s heavy reliance on imports creates a high demand for foreign currency.
- Weak export earnings and a trade imbalance limit the supply of foreign currency.
- Political uncertainty and instability discourage foreign investment.
- The US Federal Reserve’s monetary policy, including interest rate changes, affects the value of the dollar in global markets.
- Poor management of the Ghanaian economy
US Dollar to Ghanaian Cedi Rates in Banks
# | Name | Buying | Selling | MidRate |
|---|---|---|---|---|
| Binance P2P | 12.07 | 12.07 | 12.07 | |
| CBG Bank | 11.60 | 12.05 | 11.82 | |
| GAFORB | 11.50 | 12.30 | 11.90 | |
| Access Bank | 11.40 | 12.05 | 11.72 | |
| Ecobank | 11.00 | 11.95 | 11.47 | |
| Stanbic Bank | 11.00 | 12.10 | 11.55 | |
| Bank Of Ghana | 10.94 | 10.95 | 10.94 | |
| GCB Bank | 10.90 | 12.00 | 11.45 | |
| Absa Bank | 10.90 | 11.98 | 11.44 | |
| Fidelity Bank | 10.90 | 12.02 | 11.46 | |
| Zenith Bank | 10.90 | 12.05 | 11.47 | |
| CalBank | 10.90 | 12.21 | 11.55 | |
| Visa | 10.79 | 12.90 | 11.84 | |
| UBA | 10.60 | 12.03 | 11.31 | |
| Standard Chartered | 10.30 | 12.05 | 11.17 |
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