The Ghanaian cedi experienced further depreciation against major international currencies, particularly the US dollar, on September 10, 2025, continuing a trend of declining value. This depreciation is reflected across various exchange platforms, including forex bureaus, the Bank of Ghana interbank market, and money transfer services. The disparity in exchange rates between these platforms underscores the dynamic and fragmented nature of the Ghanaian foreign exchange market. The weakening cedi has implications for import costs, inflation, and the overall Ghanaian economy, making imported goods more expensive and potentially fueling inflationary pressures.
Analyzing the specific rates for the US dollar reveals a significant gap between the official interbank rate and the rates offered by forex bureaus. The Bank of Ghana’s interbank market, which typically serves larger institutional transactions, quoted a buying rate of GHS12.09 and a selling rate of GHS12.11 per US dollar. Forex bureaus, which cater to smaller transactions and individuals, offered significantly weaker rates, buying the dollar at GHS13.20 and selling it at GHS13.45. This substantial difference suggests a higher demand for dollars in the retail market, potentially driven by individuals seeking to hedge against further cedi depreciation or secure foreign currency for travel and other purposes. The gap also highlights the potential for arbitrage opportunities for those with access to both markets.
The depreciation of the cedi extends beyond the US dollar, impacting other major currencies like the British pound and the euro. Similar patterns emerge, with forex bureaus offering weaker rates compared to the interbank market. Forex bureaus offered rates of GHS16.15 and GHS16.96 for buying and selling the British pound, respectively, while the Bank of Ghana’s interbank rate stood at GHS16.38. For the euro, forex bureaus quoted GHS14.04 for buying and GHS14.72 for selling, while the interbank rate was GHS14.19. These consistent disparities reinforce the premium placed on foreign currencies in the retail market, likely reflecting concerns about the cedi’s future performance.
Money transfer services, specifically LemFi and Afriex, offer a slightly different perspective on the cedi’s value. These platforms, focusing on remittances from abroad, offered relatively competitive rates compared to forex bureaus. For US dollar remittances, LemFi offered a rate of GHS12.15 while Afriex offered GHS11.88, both closer to the interbank rate than the forex bureau rates. For British pound remittances, LemFi and Afriex offered GHS16.41 and GHS16.00 respectively. Similarly, for euro remittances, Afriex and Lemfi offered rates of GHS14.12 and GHS14.23. The relatively stronger rates offered by these platforms could be attributed to the inflow of foreign currency they facilitate, creating a different supply-demand dynamic compared to the broader forex market. This difference in rates underscores the importance of comparing options for those sending or receiving money from abroad.
Furthermore, the rates for digital subscriptions using international payment cards paint another layer of the foreign exchange landscape. Visa and Mastercard transactions for services like Netflix, Spotify, and Apple Music were processed at GHS13.05 and GHS12.95 per US dollar respectively. These rates, while weaker than the interbank rate, are generally closer to the forex bureau rates, suggesting a reliance on similar market dynamics. This information is particularly relevant for consumers of digital services, who often bear the cost of currency fluctuations through higher subscription fees. The prevalence of digital subscriptions highlights the increasing interconnectedness of the global economy and the direct impact of currency fluctuations on consumer spending.
In conclusion, the Ghanaian cedi’s depreciation against major currencies like the US dollar, British pound, and euro continues, with varying rates across different market segments. The significant gap between interbank rates and forex bureau rates indicates pressures on the retail market and potentially reflects concerns about the cedi’s future trajectory. Money transfer services offer a comparatively competitive landscape for remittances, while digital subscription rates fall closer to forex bureau rates, directly affecting consumers. Monitoring these trends is crucial for businesses, individuals, and policymakers to navigate the evolving foreign exchange landscape and mitigate the potential economic impacts of the cedi’s depreciation. The differences observed across various platforms emphasize the importance of comparing rates and choosing the most favorable exchange channels for different transaction types, whether it’s remittances, foreign currency purchases, or digital service payments.
