1 Dollar to Cedis in 2012
Exchange Rate in 2012
In 2012, the exchange rate between the US dollar (USD) and the Ghanaian cedi (GHS) was relatively stable. According to the data from the International Monetary Fund (IMF), the average exchange rate for the year 2012 was:
1 USD = 1.85 GHS
This means that if you exchanged one US dollar, you would have received approximately 1.85 Ghanaian cedis.
Economic Situation in 2012
In 2012, Ghana's economy was growing steadily, with a GDP growth rate of 7.1%. The country was benefiting from its oil production, which started in 2010, and was also experiencing a boom in the agricultural and service sectors. However, the country was also facing some challenges, including a high inflation rate and a large fiscal deficit.
Impact of Exchange Rate on Trade
The exchange rate of 1 USD = 1.85 GHS had an impact on Ghana's trade with other countries. A relatively stable exchange rate made Ghanaian exports more competitive in the international market, which led to an increase in exports of goods such as gold, cocoa, and oil. On the other hand, the stable exchange rate made imports more expensive, which could have led to higher prices for consumers.
Conclusion
In conclusion, the exchange rate of 1 USD = 1.85 GHS in 2012 reflected the relatively stable economic situation in Ghana at the time. The exchange rate had an impact on trade, making exports more competitive and imports more expensive.
