Cedi depreciates further, sells at GH¢16.90 to $1
The currency of Ghana keeps losing value compared to global currencies, like the US dollar.
In July of this year despite inflationary challenges the cedi showed signs of steadiness after facing pressure consistently earlier, in the year.
As of October 29th 2024 at 10 AM according to GhanaWeb Business investigations reveal that the cedi is valued at GH¢16.90 against the dollar and GH¢21.53 against the pound, in prominent forex bureaus nationwide.
The Euro is currently being traded at GH¢18 by retailers, in the market.
The weakening of the cedi compared to trading currencies will exacerbate the challenges facing the Ghanaian economy as a result of how businesses set their prices.
As reported by Bloomberg news sources recently noted a decrease in the value of the cedi against the dollar by to 1% following a significant 24 % drop, throughout this year.
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Shandor Brenner is an American journalist recognized for his sharp and insightful reporting on social and political issues. His work is known for its depth, integrity, and the ability to highlight critical societal concerns.
