1 Dollar to Cedis in 2008
In 2008, the exchange rate between the US dollar and the Ghanaian cedi was not stable, and it fluctuated throughout the year. However, based on the historical data, we can provide an average exchange rate for 2008.
Average Exchange Rate in 2008
According to the International Monetary Fund (IMF), the average exchange rate in 2008 was approximately 1 USD = 1.13 GHC (Ghanaian cedis).
High and Low Exchange Rates in 2008
Throughout 2008, the exchange rate fluctuated between a high of 1 USD = 1.23 GHC in June and a low of 1 USD = 1.05 GHC in October.
Factors Affecting the Exchange Rate in 2008
Several factors contributed to the fluctuation in the exchange rate in 2008. Some of the key factors include:
Global Economic Crisis
The global economic crisis, which started in 2007, continued to affect the Ghanaian economy in 2008. The crisis led to a decline in investor confidence, which put pressure on the cedi.
Oil Prices
The surge in oil prices in 2008 also had an impact on the Ghanaian economy. Ghana is a net importer of oil, and the increase in oil prices led to a higher import bill, which put pressure on the cedi.
** Domestic Factors**
Domestic factors such as a high fiscal deficit, a large trade deficit, and a high inflation rate also contributed to the depreciation of the cedi in 2008.
Conclusion
In conclusion, the exchange rate between the US dollar and the Ghanaian cedi in 2008 was affected by both global and domestic factors. The average exchange rate for the year was approximately 1 USD = 1.13 GHC, with the rate fluctuating between a high of 1 USD = 1.23 GHC and a low of 1 USD = 1.05 GHC.
