In 2023, Ghana’s economy has come under scrutiny because to variations in the US dollar to Ghanaian cedi exchange rate that occur throughout the year.
In order to examine the performance of the Cedi relative to the Dollar using data from the Ghana Statistical Service from January to September 2023, we will examine the monthly exchange rate data in this article, which runs from January (MO1) to September (MO9).
Changes in Exchange Rates Each Month:
1. January (MO1) – 9.9
At the beginning of the year, the Cedi to Dollar conversion rate was 9.9. Investors, companies, and governments kept a careful eye on this currency combination as it set the tone for the ensuing months.
2. February (MO2) – 10.9
In February, there was a notable increase, as the exchange rate reached 10.9. It’s possible that this increase caused stakeholders to become more concerned, leading them to keep a careful eye on economic data and outside variables that affect the currency rate.