3 Weeks Losing Trend of Ghana Cedi Against And 5 Reasons Why [Check the trend]

3 Weeks Losing Trend of Ghana Cedi Against And 5 Reasons Why [Check the trend]

Ever since the exchange rate of the Ghanaian cedi has reached its maximum appreciation against the major foreign currencies on the 16th December 2022, the Ghanaian cedi has been on a losing trend over the past three weeks since it reached its maximum regained value.

Below is the exchange rate of the Ghanaian cedi as at 16th December 2022 against the major foreign currencies and the exchange rates of the Ghanaian cedi as at 6th January 2023 without any fluctuation in the exchange rates between the two end points. It is yet to be observed whether the local currency will manage to reverse a bit before it starts it’s losing streak.

The average interbank rates used by commercial banks for transactions at the close of business Friday, 16th December, 2022 are:

USD = ($)
Buying = Ghc7.9972
Selling = Ghc8.0052

GBP = £
Buying = Ghc9.7278
Selling = Ghc9.7383

Euro = €
Buying = Ghc8.4848
Selling = Ghc8.4925

Bank of Ghana Exchange Rates As At Friday 6th January 2023

USD = ($)
Buying = Ghc8.6067
Selling = Ghc8.6153

GBP = £
Buying = Ghc10.2334
Selling = Ghc10.2445

Euro = €
Buying = Ghc9.0633
Selling = Ghc9.0723

The average interbank rates used by commercial banks for transactions at the close of business Thursday 5th January 2023

The five (5) major reasons why the Ghanaian cedi is on a losing streak is thus illustrated here 5 Reasons Cedi’s Loss Of Value Re-start Again

1. Website: www.bog.gov.gh

2. Facebook: thebankof ghana

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