• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Cedi Records Over 20% Depreciation Rates Against Major Currencies

1 year ago
in Business, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
1
1k
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Cedi Records Over 20% Depreciation Rates Against Major Currencies

The Cedi has experienced a sharp depreciation against major currencies in September, deepening concerns over the country’s economic stability.

According to the latest Summary of Economic and Financial Data from the Bank of Ghana, the cedi fell by 24.3% against the US dollar, 27.7% against the British pound, and 25% against the euro.

This brings the exchange rates to GHS 15.7 per $1, GHS 20.93 per £1, and GHS 25 per €1.

The figures mark a significant deterioration from the beginning of the year when the cedi had only weakened by 1.3% against the dollar, 1.1% against the pound, and 0.5% against the euro.

The currency’s rapid depreciation underscores the mounting pressure on Ghana’s economy, driven by a combination of external debt burdens, high inflation, and rising import costs.

On a year-on-year basis, the cedi’s depreciation has also worsened, with the latest figures showing a slight increase compared to September 2023.

RelatedPosts

Gold Price Falls by Most in Over a Decade as Rally Cools

Businesses Flock to Ethiopia’s Newly-Opened Banking Market

Among Africa’s Top Performing Currencies — the Zambian Kwacha

The cedi had weakened by 22.2% against the dollar, 26.1% against the pound, and 23.4% against the euro a year earlier, indicating a further marginal decline of 2.1%, 1.6%, and 1.6%, respectively.

The currency’s decline reflects the broader challenges facing Ghana, including high public debt, and persistent fiscal imbalances. The Bank of Ghana has been grappling with the task of stabilizing the currency through monetary interventions, but global market conditions, including rising interest rates in developed economies, have made it difficult to reverse the trend.

The depreciation poses significant risks for the country’s import-reliant economy, particularly in terms of inflationary pressures and the cost of servicing external debt, threatening Ghana’s broader economic outlook.

Tags: cediCedi Records Over 20% Half-Year Depreciation Rates Against Major CurrenciesdollarEuroPound

Comments 1

  1. Derrick Damoah says:
    1 year ago

    hard 🇬🇭 Ghana

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Highlights

PIAC Urges Increased Investment in Petroleum Sector as Ghana Projected to Capture 20% of West Africa’s $80bn Oil and Gas Market by 2033

BoG Reviewing Consumer Recourse Mechanism to Address Gaps in Complaint Redress System, Says 2nd Deputy Governor

A Look at the Opportunities and Challenges as North America Gears Up for the 2031 Women’s World Cup

Black Stars Nominated for National Team of the Year at 2025 CAF Awards

Parliament to Hold Special Hearings on Extractive Industries’ Impact on Jobs and National Development

Ghana’s Economy Ranked Among 14 African Economies at High Risk of Short-Term and Commercial Vulnerability

Trending

Features

Gold Price Falls by Most in Over a Decade as Rally Cools

October 22, 2025

Gold Price Falls by Most in Over a Decade as Rally Cools Gold prices fell by the...

Businesses Flock to Ethiopia’s Newly-Opened Banking Market

October 22, 2025

Among Africa’s Top Performing Currencies — the Zambian Kwacha

October 22, 2025

PIAC Urges Increased Investment in Petroleum Sector as Ghana Projected to Capture 20% of West Africa’s $80bn Oil and Gas Market by 2033

October 22, 2025

BoG Reviewing Consumer Recourse Mechanism to Address Gaps in Complaint Redress System, Says 2nd Deputy Governor

October 22, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.