2022 BoG Percentage Depreciation Of Ghanaian Cedi Against Major Foreign Currencies

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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