The Ghanaian Cedi is still struggling as it faces tough times against the US Dollar. According to today’s exchange rates from banks, Forex bureaus, and online money transfer services, the dollar could reach GHS17.00 by the end of September.
According to Cedirate.com currently the average rate for $1 is GHS16.14, which has increased from GHS15.32 just three months ago, showing a depreciation of about 5.48% for the Cedi.
Afriex Money Transfer reports the highest rate, selling $1 at GHS17.00, while MasterCard and Visa have rates of GHS16.85 and GHS16.84, respectively. The black market is also selling the dollar at about GHS16.00, which is higher than bank rates.
With holidays season approaching, there is likely to be more demand for the dollar as businesses import goods for the festivities. This increase in demand will likely cause the dollar to strengthen further, making it even harder for the Cedi.
As the Ghanaian cedi continues to lose value, bloggers and other online workers are jubilating!!
The current exchange rates show the Ghanaian Cedi is in a challenging position, and unless there are significant changes, the dollar is expected to continue rising.
