1 Dollar to Ghana Cedis in 2008
In 2008, the exchange rate between the US dollar and the Ghanaian cedi was a significant aspect of international trade and finance. This article provides an overview of the exchange rate between the two currencies during that year.
Historical Background
The Ghanaian cedi (GHS) is the official currency of Ghana, a West African country. It was introduced in 2007, replacing the old cedi (GHC) at a rate of 1 GHS = 10,000 GHC. The US dollar (USD) is widely used as a reserve currency and is the most traded currency in the world.
Exchange Rate in 2008
According to the exchange rate data from reputable sources, including the International Monetary Fund (IMF) and the World Bank, the average annual exchange rate for 1 USD to GHS in 2008 was approximately:
- 1 USD = 0.93 GHS (average annual exchange rate)
To give you a better idea, here are the exchange rates for specific months in 2008:
- January 2008: 1 USD = 0.91 GHS
- June 2008: 1 USD = 0.94 GHS
- December 2008: 1 USD = 0.96 GHS
Factors Affecting the Exchange Rate
Several factors influenced the exchange rate between the US dollar and the Ghanaian cedi in 2008, including:
- Oil prices: The surge in oil prices in 2008 led to an increase in Ghana's oil import bill, putting pressure on the cedi.
- Global economic crisis: The global financial crisis, which began in 2007, affected the value of the US dollar and other currencies, including the Ghanaian cedi.
- Monetary policy: The Bank of Ghana, the country's central bank, implemented monetary policies to control inflation and stabilize the currency.
Conclusion
In 2008, the exchange rate between the US dollar and the Ghanaian cedi was influenced by various factors, including oil prices, global economic conditions, and monetary policy. The average annual exchange rate was approximately 1 USD = 0.93 GHS. Understanding the exchange rate is crucial for businesses, investors, and individuals involved in international trade and finance.
