The Ghanaian cedi is facing a period of depreciation against major international currencies, including the US dollar, the British pound, and the euro. As of June 17, 2025, data compiled from various sources, including Cedirates.com, forex bureaus, the Bank of Ghana interbank market, and money transfer operators, paints a picture of a fluctuating cedi struggling to maintain its value. This depreciation has implications for Ghanaian consumers and businesses engaged in international transactions, affecting the cost of imported goods, services, and international remittances.
The US dollar, a dominant currency in international trade, exhibits a notable spread between its buying and selling rates in Ghana. Cedirates.com reports an average buying rate of GHS10.33 and a selling rate of GHS11.05. This disparity widens further at forex bureaus, where the dollar commands a buying rate of GHS11.75 and a selling rate of GHS12.00. This difference reflects the premiums charged by forex bureaus for their services and the dynamic nature of the foreign exchange market, where rates are influenced by supply and demand. The interbank market, where financial institutions trade currencies, offers a tighter spread, with buying and selling rates of GHS10.29 and GHS10.31, respectively. This tighter spread reflects the larger volumes traded and the lower transaction costs associated with interbank transactions.
The British pound and the euro also show similar trends of depreciation against the cedi. The average exchange rate for the British pound stands at GHS13.86 when converting pounds to cedis and GHS14.75 for the reverse transaction. Similarly, the euro trades at GHS11.85 for exchanging euros for cedis and GHS12.69 for converting cedis to euros. The Bank of Ghana interbank market provides a slightly different perspective, listing a selling rate of GHS14.00 for the pound and GHS11.94 for the euro. These variations highlight the influence of different market segments and the specific conditions under which currency exchanges take place.
Money transfer operators, catering specifically to remittances, offer varying exchange rates. LemFi and Hurupay, for instance, provide competitive rates for dollar transfers from the US or the UK to Ghana, at GHS10.25 and GHS10.27 per dollar, respectively. For pound transfers, LemFi offers a rate of GHS13.91, while Afriex provides a slightly higher rate of GHS16.24. Euro transfers see Afriex offering GHS13.84, while LemFi provides GHS11.88 per euro. These differing rates reflect the specific operational models and cost structures of these money transfer services, as they compete to offer attractive rates to customers.
Digital subscription payments, a growing segment of international transactions, also face the impact of currency fluctuations. Using Visa and Mastercard for services like Netflix, Spotify, or Apple Music results in an exchange rate of GHS11.07 per dollar. This rate, slightly higher than the interbank rate, incorporates the fees charged by payment processors and card networks for facilitating these international transactions. This highlights how the cedi’s depreciation directly affects the cost of accessing global digital services for Ghanaian consumers.
In summary, the Ghanaian cedi’s depreciation against major currencies poses a complex challenge with varied implications. The differences in exchange rates across different market segments, from forex bureaus to interbank markets and money transfer operators, reflect the specific conditions and costs associated with each type of transaction. This fluctuating landscape underscores the need for individuals and businesses engaged in international transactions to carefully consider the various exchange rates available and choose the most cost-effective options. Furthermore, the depreciation of the cedi has broader economic implications, affecting the price of imported goods and services, and potentially impacting inflation and the overall cost of living in Ghana. Monitoring and understanding these currency fluctuations is crucial for informed financial decision-making in the Ghanaian economy.
