Dollar-to-Cedi Exchange Rate To Hit GHS15.00 Before Mid Year
We expect the dollar-to-cedi exchange rate to reach GHS15.00 before June 2024 due to the continuous depreciation of the Ghana Cedi.
Currently, the dollar is selling at GHS13.70 in forex bureaus as of March 26, 2024. With the buying rate pegged at GHS13.30, the cedi is not to lose value daily against all major trading currencies. 1 USD = 13.15 GHS as of
Commercial bank rates quoted for today, March 26, 2024, show the cedi depreciated marginally compared to the previous day’s rate. No matter how small the change may be, the negative effects of the strength of the local currency become more visible every 30 days.
The Cedi depreciation averaged 6.2% in 2024 first quarter against the dollar, pound, and euro. What this means is that importers will need 6.2% of the cedi to pay for the same import they purchased previously.
The 6.2% average depreciation of the dollar, pound, and euro released by the Bank of Ghana (BoG) shows that the Cedi will continue to lose value.
On the foreign exchange market, the Bank of Ghana’s (BoG’s) interbank rates, which are the average rates charged by banks the previous day, remain low.
s competitive as businesses and individuals needing dollars do not rely on the rates for their business transactions.
Banks like Access Bank are purchasing dollars at GHS 12.90 and selling them at GHS 13.02, which are higher than the rates the BoG quotes.
With the Cedi currently selling at GHS13.70, the rate is likely to go up to GHS14.00 by mid-April this year and finally hit GHS15.00 by June.
Impact of Depreciation:
This depreciation of the cedi can have a two-fold impact. While it makes Ghanaian exports cheaper on the international market, it also increases the cost of imported goods. This can lead to inflation as businesses pass on the higher costs to consumers.
Monitoring the situation:
It’s important to stay informed about the exchange rate fluctuations, especially for individuals and businesses involved in international transactions. Regularly monitoring the forex bureaus’ rates and quotes from reputable sources like the Bank of Ghana can help you make informed decisions when exchanging currencies.
Forex Bureau Exchange Rates For Today
| Currency | Sell Rate |
| US Dollar¹ (USD) | 13.70 |
| British Pound (GBP) | 17.10 |
| Euros (EUR) | 14.60 |
| Canadian Dollar (CAD) | 10.60 |
| Swiss Franc (CHF) | 15.00 |
| Naira² (NGN) | 13.50 |
| South African Rand (ZAR) | 1.10 |
| West African CFA² (XOF) | 23.00 |
| Currency | Buy Rate |
| US Dollar¹ (USD) | 13.30 |
| British Pound (GBP) | 16.50 |
| Euros (EUR) | 14.00 |
| Canadian Dollar (CAD) | 9.60 |
| Swiss Franc (CHF) | 14.00 |
| Naira² (NGN) | 8.50 |
| South African Rand (ZAR) | 0.40 |
| West African CFA² (XOF) | 21.00 |
Dollar-to-Cedi Exchange Rate For Today
| Name | Buying | Selling | MidRate | |
|---|---|---|---|---|
|
LemFi Ad Money Transfer |
12.80 | – | – | |
|
Afriex Ad Money Transfer |
12.53 | – | – | |
|
Binance P2P
|
13.74 | 13.75 | – | |
|
GAFORB
Forex Bureau |
13.30 | 13.70 | 13.50 | |
|
AfriSwap
Forex Bureau |
13.30 | 13.70 | 13.50 | |
|
Western Union
Money Transfer |
13.15 | – | – | |
|
WeWire
Fintech |
13.10 | 13.37 | 13.23 | |
|
Albrim
Forex Bureau |
13.10 | 13.60 | 13.35 | |
|
CBG Bank
Commercial Bank |
13.05 | 13.40 | 13.22 | |
|
Revolut
Money Transfer |
12.97 | – | – | |
|
GCB Bank
Commercial Bank |
12.90 | 13.20 | 13.05 | |
|
Absa Bank
Commercial Bank |
12.90 | 13.32 | 13.11 | |
|
Access Bank
Commercial Bank |
12.90 | 13.02 | 12.96 | |
|
OA Pay
Money Transfer |
12.90 | – | – | |
|
Bank Of Ghana
Central Bank |
12.84 | 12.85 | 12.85 | |
|
Standard Chartered
Commercial Bank |
12.82 | 13.30 | 13.06 | |
|
Zenith Bank
Commercial Bank |
12.82 | 13.30 | 13.06 | |
|
Stanbic Bank
Commercial Bank |
12.80 | 13.40 | 13.10 | |
|
Fidelity Bank
Commercial Bank |
12.80 | 13.25 | 13.03 | |
|
Wise
Money Transfer |
12.80 | – | – | |
|
UBA
Commercial Bank |
12.74 | 13.15 | 12.95 | |
|
Ecobank
Commercial Bank |
12.70 | 13.20 | 12.95 | |
|
CalBank
Commercial Bank |
12.60 | 13.40 | 13.00 | |
|
Remitly
Money Transfer |
12.60 | – | – | |
|
Sendwave
Money Transfer |
12.60 | – | – | |
|
WorldRemit
|
12.51 | – | – | |
|
GTBank
Commercial Bank |
12.48 | 12.95 | 12.71 | |
|
CediConvert
Crypto Exchange |
12.43 | 12.60 | – | |
|
Visa
Payment Processor |
– | 14.12 | – | |
|
Mastercard
Payment Processor |
– | 14.09 | – |
As the dollar-to-cedi exchange rate favours the dollar, Ghanaians working abroad and those working in Ghana but are paid in dollars will be at the winning end of the rope, while others who are paid in cedis will feel a fall in the value of their incomes as they buy good and services abroad.
