If you need to make a payment in Euros, you now need approximately 18 cedis to get 1 Euro or GH₵1,800 to get 100 Euros.
According to CediRates, the average rate for €1 is GH₵18.00, compared to GH₵17.14 three months ago.
This estimate was derived from data collected from banks, forex bureaus, and money transfer companies.
The rise in inflation can be attributed to several factors. Ghana’s annual consumer inflation rate has been fluctuating, with a recent increase to 21.5% in September 2024, up from 20.4% in August.
This has negatively impacted the cedi’s exchange rate against the Euro.
Additionally, global economic conditions and local fiscal policies have played a role in the cedi’s depreciation.
However, the Bank of Ghana says it has been working to stabilize the currency, but challenges remain due to external economic pressures and domestic economic policies.
See the post below:
Source: www.ghanaweb.com
