According to data from the Bank of Ghana, the Ghana cedi has experienced a depreciation of approximately 25.8% against the US dollar as of November 2023.
Between March and September 2023, the cedi remained relatively stable, but it faced increased pressure in October and November. The depreciation rate reached 25.4% in October and increased further to 25.8% in November. The current exchange rate is around 12.15 cedis against the US dollar.
Moreover, the cedi has also depreciated by 28.6% against the pound and 27.7% against the euro. This decline is attributed to a heightened demand for dollars leading up to the festive season.
Despite efforts from the Bank of Ghana, the cedi has encountered difficulties in maintaining its value.
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