Cedi Wobbles, Drops by 2.06% Against Major Currencies This January
The Ghanaian cedi recorded an average depreciation rate of 2.06% against major trading currencies—the US dollar, British pound, and euro—this January, according to data from the Bank of Ghana’s (BoG) January 2025 Summary of Economic and Financial Data report.
Depreciation rates for January 2025 stood at 2.4% against the US dollar, 0.8% against the British pound, and 3% against the euro.
For December 2024, the cedi ended the year with depreciation rates of 19.2% against the dollar, 17.8% against the pound, and 13.7% against the euro.
This reflects a slight recovery compared to the month-on-month depreciation rates of 22.2%, 22%, and 18.6% recorded in November 2024 for the dollar, pound, and euro, respectively.
The data suggest the currency experienced some stability toward the end of 2024.
However, on a year-on-year basis, the cedi’s performance in January 2025 lagged behind that of January 2024.
Depreciation rates for January 2025 stood at 2.4%, 0.8%, and 3% for the dollar, pound, and euro, compared to 1.3%, 1.1%, and 0.5% recorded in January 2024.
The cedi currently trades at GHS 15.06 per US dollar, GHS 18.55 per British pound, and GHS 15.69 per euro, as per the BoG data.
The currency’s trajectory underscores the persistent volatility it faces amidst local and global economic pressures.
As we try to reset Ghana in all aspects of our life can we for once listen to academia when it comes to the economy ?
Can we have a round table conference of knowledgeable men from the Ivory Tower leading discussions about the economy?
Can we assemble our own from the top universities to debate the ailing economy and chart a course that has prosperity for all as it’s agenda ?
Let’s start the Ghana we want today for tomorrow might be too late !
God bless our beautiful Ghana ” eye zu eye za”