Ghanaian cardholders are now paying significantly more for every dollar spent on card payments. In just three months, $1 on Visa or Mastercard has jumped about 20%, rising from ₵11.13 to ₵13.43, according to CediRates, turning routine online purchases, subscriptions, and overseas payments into a costly affair.
The rise comes amid the cedi’s recent slight back-and-forth volatility, which continues to push up card payment rates for major currencies, making foreign transactions increasingly expensive for everyday users.
The trend is not limited to the US dollar. Other major currencies have also seen higher card payment rates, with £1 (British Pound) costing ₵18.09 and €1 (Euro) at ₵15.80 for both Visa and Mastercard cards. These increases reflect the ongoing pressure on the cedi, which, despite recent minor fluctuations, continues to affect foreign currency transactions across both interbank and retail markets.
Rising card payment rates could weigh on Ghanaian consumers and businesses if current trends continue. Online shoppers, subscription users, and those making international payments may face higher costs, while import-dependent companies could see operating expenses rise, potentially passing them onto customers. Students, freelancers, and professionals dealing in dollars, pounds, or euros may also feel the impact, highlighting how cedi fluctuations ripple through the economy.
In the interbank market, the US dollar/cedi pair closed at GH¢12.40, a 2.02% dip compared to two weeks earlier. Meanwhile, in the retail market, the cedi remained range-bound between ₵13.40 and ₵13.50 per $1, posting a modest 0.74% decline from previous levels. The pound and euro midrates also recorded minor changes, closing at GH¢18.05 and GH¢15.70, respectively, illustrating the cedi’s persistent volatility across key currencies.
Closing Wednesday, October 1, the Bank of Ghana official rates were 12.41 cedis for buying, 12.43 cedis for selling, and a midrate of 12.42 cedis per US dollar. At retail forex bureaus, rates ranged from 13.20 cedis for buying to 13.55 cedis for selling, with a midrate of 13.38 cedis, highlighting the persistent gap between official and market rates.
