The Ghana cedi has experienced an average depreciation of 6.2% against major trading currencies such as the US Dollar, British Pound, and Euro, as per the latest data from the Bank of Ghana (BoG).
This marks a significant decrease from the 22.3% average depreciation recorded in March 2023.
According to the March 2024 Summary of Economic and Financial Data released by the Central Bank, the cedi was valued at GHS 12.74 to $1, representing a year-to-date depreciation rate of 6.8%.
The depreciation rates against the dollar for January, February, and March were 1.3%, 4.7%, and 6.8%, respectively.
Comparing year-on-year figures, there has been a noticeable decrease in the cedi’s depreciation rate against the US dollar.
In March 2023, the depreciation rate was 22.1%, whereas in March 2024, it stood at 6.8%.
Similarly, against the British Pound and Euro, the cedi has experienced year-to-date depreciation rates of 6.7% and 5.2%, respectively.
Last year, the depreciation rates against the pound and euro were higher, at 24.3% and 23.6%, respectively, indicating a relative improvement in the cedi’s performance against these currencies.
Source-businessghana
