The Ghana cedi is currently in its worst performing state against major foreign currencies including the Pound(£), Euro(€) and the Dollar($). The current exchange rate with the dollar is 10 cedis. This has generated several reactions on social media because a lot of businesses will be affected.
The cedi traded against the dollar at mid-rate of 7.3845. Its trade value against the pounds sterling was at mid-rate of 87577. The Euro’s mid-rate stands at 7.4499 Note that these rates may be difficult at a forex bureau near you. On the interbank forex rates from the Bank Of Ghana,the Ghana cedis is against the dollar at a buying price of 7.3508 and selling price of 7.3882.
Embattled Minister of Finance Ken Ofori-Atta says no one needs to tell him of the ravages of the cedi depreciation. The government is under pressure to find solutions in order stagnate the depreciating Ghana Cedi and this the minister says the Bank of Ghana is on track and had intensified efforts to remit notions which to him stimulate the depreciation of the Ghana cedi including dealing with other factors which work against the local currency in the long term.
The Ghanaian Cedi has been rising everyday and it seems as though its going to be like that for a long while, This article shows the cedi's performance against major currencies such as the dollar, the pound and the euro. On the interbank forex rates from the Bank of Ghana yesterday, May 26, 2022, the Ghanaian Cedi is trading the dollar at a buying price of 7.1337 and a selling price of 7.1409 as compared to the day before's 7.1317 buying price and 7.1389 selling price.
The Cedi's mid-rate exchange rate versus the dollar was 7.2150. Its mid-rate transaction value against the pound sterling was 8.8683. The mid-rate for the Euro is 7.6162. Today, June 27, 2022, the Ghana Cedi is trading versus the dollar at a purchasing price of 7.2114 and a selling price of 7.2186 according to the Interbank exchange rates provided by the Bank of Ghana.
Ghanaians can't seem to catch a brake. Prices of goods are services keep skyrocketing. This has mostly been due to the cedi-dollar exchange rate. Barely a few days ago the dollar to cedi exchange rate was around 1 dollar to GHC11.50 to GHC11.70. Fast-forward to today Friday 14th October 2022, the dollar is now selling for a whooping GHC12.10 for 1 dollar across most forex bureaus.
The NPP leadership have really done their worst to this country. The nation is really drowning and yet our leaders come out and expect us to be comfortable with what is going on. Earlier on, the Deputy Minister of Finance, John Ampontuah Kumah, came out to say that the Ghana cedi's performance in 2021 has been the best in the last 10 years.
The midpoint exchange rate for the Cedi against the dollar was 7.2200. Its mid-rate exchange value against the pound sterling was 8.8759. The mid-rate for the Euro is 7.6540. Today, June 28, 2022, the Ghana Cedi is trading against the dollar at a purchasing price of 7.2164 and a selling price of 7.2236 according to the Bank of Ghana's Interbank FX rates.
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A new money execution positioning by Bloomberg has grouped the Cedi as the most terrible performing cash across the globe. Bloomberg followed the exhibition of 150 monetary forms on the planet and the Cedi put toward the end regarding execution starting from the start of the year. In under eight months, the Cedi has gone under serious conversion standard strain because of its constant deterioration to a few significant worldwide monetary forms like the Dollar, Pound and Euro.
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The Cedi was trading at a mid-rate of 7.1133 against the dollar. It was trading at a mid-rate of 8.8934 against the Pound Sterling. The mid-rate for the Euro is 7.5047. Please keep in mind that the prices at a forex bureau near you may differ. Afriswap in Osu, Accra, provides the forex bureau rates.
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The foreign exchange rate is an important parameter in the business arena. Exchange rates are expressed as a comparison of currencies of two different countries. This rate helps us to compare the prices of goods and services and assets stated in different currencies. The Ghanaian Cedi as compared to other foreign currencies has been weak in recent times.
Dr. Cassiel Ato Forson, a member of the financial committee of parliament said Ghanaians would have to brace up for more economic difficulties this new year, 2022. According to Dr. Forson, 2022 is a year of economic misery and inflation. He said that there would be “at least 30% increase in general goods while the Ghanaian cedi which is trading at almost 6.5 cedis to 1 US dollar is likely to hit seven cedis to a dollar by the end of the year, 2022″.
The forex exchanging framework includes trading unfamiliar money. Not at all like the financial exchange, there is no proper market for the forex exchanging framework. A decent and successful forex exchanging framework permits the dealers to execute effectively and gives more opportunities to build an income. Forex, an unfamiliar trade market, is a commercial center where the money of one nation is sold for one more country's cash for some benefit.
The mid-rate for the Cedi against the dollar was 7.2110. Its mid-rate exchange value against the pound sterling was 8.8749. The mid-rate for the Euro is 7.6399. The Ghana Cedi is now trading against the dollar at a purchasing price of 7.2074 and a selling price of 7.2146 on the Interbank exchange rates published by the Bank of Ghana for today, June 23, 2022 vs yesterday's transaction, which had a purchase price of 7.2024 and a sale price of 7.2096.
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