The Ghana cedi forex rate continues its decline against major global currencies, with the latest figures showing a worrying trend. As of Wednesday, August 21, 2024, it has been revealed that the cedi is now trading at GH¢15.97 to $1 at major forex bureaus in Accra.
This weakening of the currency is not just limited to the U.S. dollar. The local currency is also losing ground against the British pound and the Euro, trading at GH¢20.77 to £1 and GH¢17.71 to €1, respectively, across forex bureaus in the country.
The latest blow comes after Bloomberg ranked the cedi as the fourth-worst-performing currency out of 150 tracked globally. The currency has lost nearly 23% of its value against the U.S. dollar this year, highlighting the ongoing financial struggles facing the West African nation.
Despite these alarming statistics, there has been some brief relief. A Bloomberg survey indicated that the cedi experienced relative stability in July. However, this glimmer of hope does little to overshadow the larger picture of economic challenges.
The cedi’s decline is largely attributed to a growing demand for U.S. dollars to purchase essential imports, such as petroleum products and pharmaceuticals. As global markets continue to fluctuate, the pressure on Ghana’s economy, fueled by the need for foreign currency, shows no signs of easing soon.
With international rankings and currency valuations painting a grim picture, the government and economic stakeholders will need to act swiftly to stabilize the cedi and prevent further depreciation. The future of Ghana’s economy may well hinge on their ability to curb this alarming trend.
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