Cedi Lost 19.1% of Its Value Against Dollar In January 2023: Bank of Ghana

This January [2023], the Ghana cedi has declined by a significant 19.1% against the US dollar.

According to the Summary of Economic and Financial Data from the Bank of Ghana, the cedi traded on the interbank market at a rate of 10.60 to one US dollar in January 2023 as opposed to 8.57 in December 2022.

However, the central bank set the cedi’s devaluation against the US dollar at 30% in 2022.

In January 2023, the local currencies of the pound and the euro saw value declines of 21.4% and 20.7%, respectively.

Meanwhile, in January 2023, after exhibiting some prolonged stability for most of December 2022, the local currency began to experience significant pressure from the American currency.

This came after Ghana and the International Monetary Fund established a staff-level agreement.

By continuing its downward path, the cedi will fall to second place among the top 15 currencies in Sub-Saharan Africa in January 2023 as a result of this depreciation. It’s still there as of right now.

On the foreign exchange or retail market, it was sold for US$13.10 to the dollar, although its value has subsequently significantly increased to US$12.90.

Experts claim that the barter of gold for oil scheme, which has reduced reliance on foreign exchange to import oil into the nation, has resulted in a marginal gain for the cedi.

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