Cedi weakens against the dollar in October after months of relative stability
This week, the dollar has made a slight gain, by a few pesewas against the Bank of Ghana’s rate.
According to the interbank forex rates from the Central Bank, the cedi is currently trading at GHS 11.13 against the dollar as of Monday, October 2, 2023.
Despite widespread projections of cedi stability, currency analysts assert that the cedi’s resilience in the foreign exchange market remains steadfast.
In January 2023, the cedi initially faced substantial pressure but later exhibited a slowdown in depreciation.
By February 2023, the cedi had experienced a 21% depreciation against the US dollar. However, by March 2023, the depreciation rate stabilized at 22.1%, consistently remaining within the 21-22% range through September 2023.
However, there has been a shift in events in October, with the Bank of Ghana reporting a marginal gain for the dollar on Monday.
The current exchange rate stands at a buying price of GHS 11.12 and a selling price of GHS 11.13 for the US Dollar.
Against the British Pound Sterling, the rates are GHS 13.58 for buying and GHS 13.60 for selling.
The Euro-to-Cedi exchange rate is at a buying price of GHS 11.77 and a selling price of GHS 11.78.
Currency analyst and Research lead at GCB Capital, Courage Boti emphasizes that the cedi’s resilience in the foreign exchange market remains assured.
Source: Ghana Business
