Cedi depreciation averaged 6.2% in 2024 first quarter

The local currency – the cedi has witnessed an average depreciation of 6.2% against the three major trading currencies: the Dollar, Pound, and Euro according to the latest data released by the Bank of Ghana (BoG).

The is a significant decline in the 22.3% average depreciation recorded as of March 2023.

In its March 2024 Summary of Economic and Financial Data, the Central Bank pegged the cedi at GHS 12.74 to $1, marking a year-to-date depreciation rate of 6.8%.

The depreciation rates for the cedi against the dollar for January, February, and March were 1.3%, 4.7%, and 6.8%, respectively.

On a year-on-year comparison, there was a notable reduction in the depreciation rate of the cedi against the American greenback.

In March 2023, the depreciation rate stood at 22.1%, compared to the 6.8% recorded in March 2024.

Similarly, against the pound and the euro, the local currency recorded year-to-date depreciation rates of 6.7% and 5.2%, respectively.

The depreciation rate against the pound stood at 24.3%, while against the euro, it was 23.6% as at March last year.

Source: Citi Business News