Cedi depreciation in first week of October


This week, the US dollar has seen a modest uptick, gaining a few pesewas against the official rate set by the Bank of Ghana.
As of Monday, October 2, 2023, the Ghanaian cedi is trading at GHS 11.13 to the US dollar, as per the interbank forex rates provided by the Central Bank.


Despite earlier expectations of cedi stability, currency experts maintain that the cedi’s resilience in the foreign exchange market remains steadfast.
In the initial months of 2023, the cedi faced significant pressure but later exhibited a slowdown in its depreciation. By February 2023, the cedi had depreciated by 21% against the US dollar. However, from March 2023 onwards, the depreciation rate stabilized at 22.1%, consistently staying within the range of 21-22% until the end of September 2023.


Nevertheless, there has been a change in the situation in October, with the Bank of Ghana reporting a marginal increase in the value of the US dollar on Monday. The current exchange rates now stand at GHS 11.12 for buying and GHS 11.13 for selling the US Dollar.
For those interested in the British Pound Sterling, the exchange rates are GHS 13.58 for buying and GHS 13.60 for selling.



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