The Ghanaian Cedi has crossed the GH¢16 mark against the US Dollar on the currency retail market. A survey conducted by the Citi Business News team at various forex bureaux and banks in Accra revealed that the dollar is being sold at rates ranging from GH¢15.95 to GH¢16.20. This development occurs as the International Monetary Fund (IMF) recently lifted restrictions on dollar auctions by the Bank of Ghana, following a significant increase in the country’s reserves under a US$3 billion economic recovery programme.
According to the July 2024 Summary of Financial and Economic Data from the Bank of Ghana, the Cedi depreciated by approximately 19.6% against the US Dollar on the interbank forex market as of July 2024. This rate of depreciation is slightly lower than the 21% decline observed in the retail market. Some forex bureaux operators within the capital cited the current economic situation and the recent directive by the Bank of Ghana requiring Ghana cards as proof of identification from customers before transacting any service.
Economic and Fixed Income Analyst Wilson Zilevu identified market sentiment as a key factor driving the high exchange rates. He urged the Bank of Ghana (BoG) to reassure industry players about the supply of forex in the market.
