The Bank of Ghana set the rate of the cedi’s depreciation against the dollar at 54.2% over the first approximately 11 months of 2022.
However, the Central Bank stated that the cedi to dollar exchange rate was 13.10 to one US dollar in its November 2022 Summary of Economic and Financial Statistics.
This exchange rate is less than the retail market or forex bureau rate, which is around $14.90 to one American “greenback.”
Since the start of the year, the value of the pound sterling has decreased by around 48.9%. It is is being sold for 17.48.
In addition, it has lost almost 50% of its value against the euro, trading at 15.10.
The prognosis of the Ghanaian cedi will rely on whether Ghana is able to achieve a deal with the International Monetary Fund (IMF) and get money in the coming months, according to international research agency Fitch Solutions.
Although it anticipates the cedi to continue on a downward trajectory in the short term, the forecast hinges on whether Ghana and the IMF are able to come to an agreement for a programme, according to its November 2022 West Africa Monitor Report.
“Although we anticipate that the cedi will continue to depreciate in the near future, the prognosis is contingent on Ghana’s ability to achieve a funding agreement with the International Monetary Fund (IMF) in the months to come. July 2022.”