Cedi depreciates 19.5% against dollar as of July 2024 – BoG

The Ghana cedi depreciated by 19.6% against the US dollar on the interbank forex market as of July 2024, compared to a 21% loss on the retail market, according to the Bank of Ghana.

The cedi's value dropped by 7.7% in March, 10.5% in April, 15.9% in June, and 18.6% in July 2024. The retail exchange rate averaged GH¢15.60 per dollar, while the Bank of Ghana quoted GH¢14.78 per dollar.

The cedi also depreciated by 20.8% against the pound (GH¢19.10) and 18.4% against the euro (GH¢16.09). Despite recent depreciation, the cedi gained 0.29% against the dollar week-on-week, closing at GH¢15.64.