The Ghanaian cedi faced persistent devaluation against major international currencies on September 9, 2025, reflecting a concerning trend in the forex market. Cedirates.com, a trusted source for currency data, reported an average buying rate of GHS11.97 and a selling rate of GHS12.52 against the US dollar. Forex bureaus, which often reflect market realities more immediately, quoted even higher rates, with the dollar buying at GHS13.00 and selling at GHS13.35. This disparity between the average rates and forex bureau rates suggests heightened demand for the dollar and potential speculative pressures within the market. The Bank of Ghana’s interbank market, while offering a slightly more favorable rate than forex bureaus, still reflected the cedi’s weakness, with buying and selling rates of GHS12.04 and GHS12.06 respectively. This depreciation of the cedi against the dollar has broad implications for the Ghanaian economy, affecting import prices, inflation, and overall economic stability.
The cedi’s struggle extended to other major currencies. Against the British pound, forex bureaus quoted buying and selling rates of GHS16.06 and GHS16.85 respectively. The Bank of Ghana’s interbank rate for the pound stood at GHS16.33, again lower than the bureau rates but still indicative of a weakened cedi. Similarly, the euro traded at GHS13.96 for buying and GHS14.64 for selling at forex bureaus, with the interbank rate at GHS14.17. This consistent pattern of higher bureau rates compared to interbank rates suggests a scarcity of foreign currency in the open market and potentially a higher perceived risk associated with holding cedi. The depreciation against these major currencies highlights the broader challenges facing the Ghanaian economy, potentially impacting trade relations and the cost of essential imported goods and services.
Remittance services, a crucial source of foreign currency inflows for Ghana, also reflected the cedi’s depreciation. LemFi and Afriex, two prominent remittance platforms, offered dollar rates of GHS12.10 and GHS12.04 respectively for transfers from the US or UK to Ghana. These rates, while seemingly more favorable than forex bureau rates, are still considerably higher than the interbank rates, suggesting a premium applied to account for the volatile market conditions. For British pound remittances, LemFi offered GHS16.43 while Afriex offered GHS16.25. These rates again reflect the overall depreciation of the cedi against the pound. Euro remittances through these platforms saw rates of GHS14.37 for Afriex and GHS14.29 for LemFi, mirroring the weakening trend observed across the board.
The rates offered by remittance platforms are vital for Ghanaians receiving funds from abroad, influencing the actual value they receive in local currency. The current scenario, with rates higher than the interbank but lower than bureau rates, presents a complex picture. It suggests a competitive landscape among remittance providers while also acknowledging the inherent market pressures affecting the cedi’s value. This highlights the importance of monitoring these rates for those reliant on remittances and underscores the need for transparent and competitive pricing within the remittance market to ensure optimal value for recipients.
Furthermore, the impact of the cedi’s depreciation extended to digital subscriptions. Payments for services like Netflix, Spotify, and Apple Music using Visa and Mastercard faced an exchange rate of GHS13.00. This rate, aligning closely with forex bureau rates, adds another layer of cost for Ghanaian consumers accessing these international platforms. The increased cost of digital services directly impacts disposable income and affordability for consumers. This highlights the interconnectedness of the forex market and the everyday lives of citizens, demonstrating how currency fluctuations translate into tangible price increases for goods and services.
In summary, the Ghanaian cedi experienced significant depreciation against major currencies like the US dollar, British pound, and euro on September 9, 2025. The disparity between interbank rates, forex bureau rates, and remittance platform rates reflects a complex and volatile market environment. This depreciation impacts various sectors of the Ghanaian economy, from import prices and inflation to remittance values and the cost of digital subscriptions. The continuous monitoring of these rates is crucial for businesses, consumers, and policymakers to navigate the evolving economic landscape and mitigate the potential negative consequences of currency devaluation. The situation underscores the need for proactive measures to stabilize the cedi and strengthen the Ghanaian economy.
