The Foreign Exchange rate (ForEx rate) is one of the most important means through which a country’s relative level of economic health is determined. It may change daily with the changing market forces of supply and demand of currencies from one country to another. The exchange rate is defined as "the rate at which one country's currency may be converted into another. They are different things that affect the foreign exchange rate. Some of them are;
1.Inflation Rates. Changes in market inflation cause changes in currency exchange rates. …
2.Changes in interest rate affect currency value and dollar exchange rate. ...
3.Country's Current Account / Balance of Payments. .
4.Government Debt. ...
5.Terms of Trade. ...
6.Political Stability & Performance. ...
Due to the coronavirus, a lot of economies have been affected, especially the cedi. Around March 2020, the cedi was voted as the best performing currency against the US dollar but that is not the case as of December 2020. So, If you are thinking of sending or receiving money from overseas, you need to keep a keen eye on the currency exchange rates.
1 British Pound- 7.98 Ghanaian Cedi
1 US Dollar-5.88 Ghanaian Cedi
1 Japanese Yen- 0.057 Ghanaian Cedi
1 Chinese Yuan-0.90 Ghanaian Cedi
1 South African Rand-0.40 Ghanaian Cedi
1 Canadian Dollar-4.62 Ghanaian Cedi
1 Euro- 7.21 Ghanaian Cedi
Do you think the new rates are favourable to the Ghanaian economy and its citizens? Do you think of Cedi? Don't forget to comment, like and share.
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