Ghana's local currency, the cedi, continues to decline in value against major trading currencies, particularly the US dollar.
As of Tuesday, July 15, 2024, at 8:00 AM, checks by GhanaWeb Business showed that the local currency is selling at GH¢15.70 to $1 at some forex bureaus.
This decline in the cedi's value is also evident among other trading currencies such as the British Pound and Euro.
For instance, the local currency is going for GH¢20.13 to £1 while selling at GH¢16.91 for €1 at major forex bureaus across the country.
International news portal Bloomberg recently ranked the Ghana cedi as the fourth-worst performing currency among 150 top currencies tracked globally.
Ghana's local currency has declined in value by 21% against the US Dollar since the beginning of this year.
The record-low performance of the cedi has been attributed to increased demand for the US dollar to purchase petroleum products, pharmaceuticals, and other imported goods.
Credit: ghanaweb.com