Cedi depreciates 0.7% against dollar but appreciates by 0.7% against Euro in January
The Cedi, for the month of January 2024, recorded a depreciation rate of 0.6 percentage points against the green buck.
The depreciation follows months of increasing depreciation rates against the world’s strongest currency – the American dollar – in 2023.
In the months of October and November 2023, the cedi depreciated by some 25.4 percent and 26.2 percent against the dollar, it further declined to 27.8 percent in December 2023.
The cedi for the entire year – 2023 – depreciated in value against the dollar, the pound, and the euro.
The depreciation of the cedi in 2023 could be attributed to the significant reduction in the BoG’s foreign reserves for the review year, a contributory factor to the country’s call on the IMF for a $3bn Fund programme.
Despite depreciating against the dollar, the cedi, however, posted some gains against the Euro.
The cedi appreciated by some 0.7 percentage points against the Euro for the first month of 2024.
Unlike its performance against the Euro, the cedi with regards to its performance against the British Pound for the first month of the year, also depreciated by 0.7 percentage points.
Per the Central Bank’s January 2024 Summary of Economic and Financial Data, the current cedi exchange rates against the dollar, pound and euro stand at $1/GHS 11.92; £1/GHS 15.22; and €1/GHS 13.03 respectively.
