The Bank of Ghana has disclosed that the cedi lost about 25.8% in value against the US dollar from January to November 2023.
The Central Bank in its November 2023 Summary of Economic and Financial Data revealed that cedi remained relatively stable between March 2023 and September 2023 until losing ground in October 2023 and November 2023.
The rate of depreciation of the cedi to the American greenback was 22.1% in March 2023. This is compared with 22.9% in September.
However, in October 2023 and November 2023, the rate of depreciation was 25.4% and 25.8% respectively.
The cedi is currently going for about 12.15 in the forex market.
Against the pound and the euro, the cedi has lost 28.6% and 27.7% respectively, the report said.
The cedi was expected to remain relatively stable this week, following the recent approval of the $800 million cocoa syndication loan by Parliament, and the $102.6 million African Development Bank budget support programme for Ghana.