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Friday: Cedi depreciates by 1 pesewa, hits GHS11.62 at BoG interbank per dollar

CediRates Spotlight Friday: Cedi depreciates by 1 pesewa, hits GHS11.62 at BoG interbank per dollar
DEC 1, 2023 LISTEN

The Ghanaian currency, the cedi has depreciated further against the US dollar at the Bank of Ghana's reference rate today, Friday, December 1.

According to data from the central bank sighted on CediRates.com, the cedi lost 1 pesewa to close at GHS11.62 to the dollar on Friday.

This represents an overall depreciation of 2 pesewas in the past two days compared to last Thursday's rate of GHS11.60.

Most commercial banks were also selling dollars above GHS11.62 today with the Ghana Commercial Bank buying the cedi for GHS11.87 and selling it for GHS12.27 per dollar.

CediConvert, one of the peer-to-peer cryptocurrency exchanges in Ghana, is buying dollars at GHS12.13 and selling at GHS12.39. This translates to a mid-rate of GHS12.26.

Fintech startup WeWire Africa also traded the dollar higher, with a buying price of GHS12.16 and selling rate of GHS12.42. Its mid-rate was GHS12.29.

Most bureaus such as AfriSwap and GAFORB are buying dollars at around GHS12.10 and selling to customers at GHS12.35 per dollar, unchanged from yesterday.

The cedi's depreciation directly influences the actual amount people must spend in cedis for purchases and services.

Isaac Donkor Distinguished
Isaac Donkor Distinguished

News ReporterPage: IsaacDonkorDistinguished

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