Cedi Records 21.4% Average Depreciation Rate Against Major Trading Currencies in November
The local currency recorded an average depreciation rate of 21.4% against major trading currencies such as the dollar, euro, and pound.
Per recent data contained in the Central Bank’s November 2024 Summary of Economic and Financial Data report, depreciation rates against the dollar, euro, and pound at end-November 2024 stood at 22.7%, 19.1%, and 22.4% respectively.
The end-November depreciation rates of the cedi against the three major trading currencies, marked appreciable month-on-month reductions in the depreciation rates of 27.1% for the dollar, 25.8% for the euro, and 27.8% for the pound, indicating some gains made by the cedi against the aforementioned currencies.
On a year-on-year basis, the cedi has performed better this year than it did last year, having recorded depreciation rates of 26.2%, 27.8%, and 29.8% for the dollar, euro, and pound respectively.
Within the review year, however, the cedi has performed poorly having recorded over 20% depreciation rates against the dollar, euro, and pound.
The cedi commenced the year with depreciation rates of 1.3%, 0.5%, and 1.1% against the dollar, euro and pound.
