1 Dollar to Cedis Last Month in Ghana
Exchange Rate Fluctuations
The exchange rate between the US dollar (USD) and the Ghanaian cedi (GHS) is constantly changing. Last month, the exchange rate was affected by various economic factors, leading to fluctuations in the value of the cedi against the dollar.
Last Month's Exchange Rate
According to data from the Bank of Ghana, the exchange rate for 1 USD to GHS last month was as follows:
- Average Exchange Rate: 1 USD = 5.85 GHS
- Highest Exchange Rate: 1 USD = 5.92 GHS (recorded on the 15th of the month)
- Lowest Exchange Rate: 1 USD = 5.78 GHS (recorded on the 28th of the month)
Factors Affecting the Exchange Rate
Several factors contributed to the fluctuations in the exchange rate last month. These include:
Inflation
Ghana's inflation rate has been on the rise, which can lead to a decrease in the value of the cedi. As prices of goods and services increase, the cedi's purchasing power decreases, causing the exchange rate to fluctuate.
Interest Rates
Changes in interest rates can also affect the exchange rate. When interest rates rise in Ghana, it can lead to an increase in the value of the cedi, making it more attractive to investors.
Oil Prices
Ghana is a oil-producing country, and changes in global oil prices can impact the value of the cedi. When oil prices rise, it can lead to an increase in revenue for Ghana, causing the cedi to strengthen.
Trade Balance
Ghana's trade balance also plays a role in exchange rate fluctuations. When the country's exports increase, it can lead to a surplus, causing the cedi to strengthen.
Conclusion
The exchange rate between the US dollar and the Ghanaian cedi is constantly changing, affected by various economic factors. Last month's exchange rate was influenced by inflation, interest rates, oil prices, and trade balance. Understanding these factors can help individuals and businesses make informed decisions when converting currencies.
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