Source: newsthemegh.com
The value of the US dollar has slightly increased this week in comparison to the official rate set by the Bank of Ghana, rising by a few pesewas.
According to the Central Bank’s interbank exchange rates, the Ghanaian cedi is now trading at GHS 11.13 to the US dollar as of Monday, October 2, 2023.
Currency specialists argue that the cedi’s resiliency in the foreign exchange market remains unwavering, in contrast to earlier assumptions of cedi stability.
The cedi was under a lot of stress in the first few months of 2023, but later showed signs of slowing down in its depreciation.
The cedi had lost 21% of its value versus the US dollar by February 2023. But starting in March 2023, the depreciation rate steadied at 22.1% and remained there until the end of September 2023, regularly fluctuating between 21-22%.
However, things have changed in October, as the Bank of Ghana reported on Monday a little increase in the value of the US dollar.
The current exchange rate for purchasing and selling the US dollar is GHS 11.12 for buying and GHS 11.13 for selling.
The currency rate for buying British Pound Sterling is GHS 13.58, and the rate for selling is GHS 13.60.