Cedi depreciates by 22.1% to dollar in March 2023 - BoG

Ghana’s cedi depreciated by 22.1% in March 2023 to the US dollar in March 2023.

According to the Bank of Ghana’s Summary of Economic and Financial Data, the cedi is currently sold at GH¢11.014 on the interbank exchange market.

This is in comparison with the 9% depreciation witnessed in February 2022 at a rate of GH¢6.60.

Even though depreciation has slowed down substantially, it is quite high as compared to the depreciation witnessed in the first few months of 2022.

The cedi started rebounding in December 2022 after depreciating at about 54.2% to the dollar.

The British pound also depreciated by 23.5%, selling at 13.48 on the interbank foreign exchange market.

In January 2023, the cedi depreciated by 20.6% to the dollar.

Ghana’s cedi lost 23.5% and 23.1% to the pound and the euro respectively in March 2023.

However, at various forex bureaus, the cedi is selling at GH¢12.50.

SSD