The Ghanaian cedi continued its slide today September 11, going for ₵13.60 per US dollar at major forex bureaus, while sellers offered it at ₵13.95 per dollar.
This is a noticeable drop from yesterday, when the cedi was buying at ₵13.40 and selling at ₵13.75, marking a depreciation of about 1.5% on the buying rate and 1.45% on the selling rate.
In comparison, the Bank of Ghana’s official mid-rate remains at ₵12.10 per dollar, highlighting the persistent gap between the rates in the retail market and the official rate.
President John Mahama, speaking at his first media encounter on Wednesday, said the cedi’s recent decline is part of a natural adjustment toward its true value. He explained that the cedi had previously been undervalued at ¢16 and possibly overvalued at ¢10, and that the current rate is moving toward a realistic middle ground.
“It is dropping, but it will find its true value,” he said, stressing that the focus must be on preventing sharp and sudden falls that make life and planning difficult for businesses and households.
The President also linked part of the challenge to falling remittances from Ghanaians abroad, which reportedly dropped by 50% as people delayed sending money, unsure of how the cedi would perform.
He added that irregularities in foreign exchange transactions had worsened the situation, noting cases where money meant for imports never reached the country and some companies failed to repatriate dollars. The government has begun sanctioning banks and individuals involved, signaling that steps are being taken to tighten oversight and protect the economy.
Mahama emphasized that stabilizing and protecting the cedi is a shared responsibility, not just the work of the central bank. He noted that while the Bank of Ghana has withdrawn from market interventions, the move revealed both the strengths and vulnerabilities of the currency.
He assured the public that the government will ensure any future depreciation remains controlled within a 5% margin per year, giving businesses and households more certainty in planning their finances.
The weakening cedi, coupled with ongoing adjustments in the forex market, serves as a reminder of the delicate balance Ghana must maintain between supporting exporters, managing imports, and stabilizing the currency.
As the government works to curb excessive swings, citizens are being urged to play their part in protecting the national currency and supporting broader economic stability.
