2022 BoG Percentage Depreciation Of Ghanaian Cedi Against Major Foreign Currencies

      financial sector complaint

      2022 BoG Percentage Depreciation Of Ghanaian Cedi Against Major Foreign Currencies

      USD = $
      Open 2022 = Ghc6.0061
      Close 2022 = Ghc8.5760
      Percentage Depreciation = [(Ghc8.5760 – Ghc6.0061) ÷ Ghc6.0061] x 100% = 42.78%

      The percentage depreciation of the Ghana cedi against the USD ($) is, therefore, 42.78%

      GBP = £
      Open 2022 = Ghc8.1272
      Close 2022 = Ghc10.3118
      Percentage Depreciation = [(Ghc10.3118 – Ghc8.1272) ÷ Ghc8.1272] x 100% = 26.88%

      The percentage depreciation of the Ghana cedi against the GBP (£) is, therefore, 26.88%

      Euro = €
      Open 2022 = Ghc6.8281
      Close 2022 = Ghc9.1457
      Percentage Depreciation = [(Ghc9.1457 – Ghc6.8281) ÷ Ghc6.8281] x 100% = 33.94%

      The percentage depreciation of the Ghana cedi against the Euro (€) is, therefore, 33.94%

      The percentage depreciation of the Ghana cedi against the various foreign currencies are considered to be largely responsible for the high inflation trends in the country which was 50.3% inflation as the end of November 2022

      Reference

      https://www.bog.gov.gh/economic-data/exchange-rate/

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