$1 now sells at GH¢14.00 as cedi depreciates 12.08%

As of April 24, 2024, the $1 was selling at GH¢14.00 as the cedi depreciated by 12.08%. This has culminated in its year-to-date loss of about 12.08% to the American greenback.

Checks by Newsghana24 from forex bureaus indicate that $1 now sells at GH¢14.00.  As of 5:30 pm on Wednesday, April 24th, 2024, the dollar-to-cedi exchange rate quoted by Afriswap Forex Bureau showed the dollar was worth GHS14.00.

Below are the exchange rates for the dollar and other major trading currencies quoted by Afriswap Forex Bureau

As the cedi loses value against the dollar, so does it fall in value against all the major currencies.

From the table, $1 now sells at GH¢14.00 plus, and it does not seem the rate will fall soon as the cedi crumples on a daily basis.

Most analysts had anticipated the local unit to extend its depreciation against the dollar this week.

This is despite Fitch Solutions predicting that the cedi will end the year at GH¢12 cedis 25, arguing it will recoup some of its recent losses in the months ahead.

The London-based firm believes the local unit will strengthen as the government makes progress regarding the restructuring of its commercial debt.

dollar remains stronger globally

In recent times, the US dollar has continued to remain stronger as rising US Treasury yields have firmed the American greenback globally.

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US inflation quickened to 3.5% year-on-year in March 2024, backed by higher energy and shelter costs. Following the developments, the Federal Reserve announced that interest rates need to stay higher for longer to beat inflation to the 2% medium-term target. The announcement saw the US dollar index rise 101 basis points week-on-week along with US treasury yields, which put most African currencies on the back foot last week.

What is the dollar-to-cedi exchange rate today?

At least $1 now sells at GH¢14.00 as cedi depreciates 12.08%

This means $100 = GH¢1400.00

This means $1,000 = GH¢14000.00

This means $10,000 = GH¢140000.00