1 Dollar to Ghana Cedis in 2016
Exchange Rate in 2016
In 2016, the exchange rate between the US dollar (USD) and the Ghana cedi (GHS) fluctuated throughout the year. The Ghana cedi is the official currency of Ghana, a country located in West Africa.
Average Exchange Rate
According to the International Monetary Fund (IMF), the average exchange rate in 2016 was:
- 1 USD = 3.93 GHS (average annual exchange rate)
However, it's essential to note that exchange rates can vary depending on the time of year, economic conditions, and other factors. Therefore, the exchange rate on a specific date in 2016 might have been different from the average annual rate.
Monthly Exchange Rate
Here's a breakdown of the average monthly exchange rates in 2016:
- January 2016: 1 USD = 3.84 GHS
- February 2016: 1 USD = 3.86 GHS
- March 2016: 1 USD = 3.92 GHS
- April 2016: 1 USD = 3.95 GHS
- May 2016: 1 USD = 3.98 GHS
- June 2016: 1 USD = 4.01 GHS
- July 2016: 1 USD = 4.04 GHS
- August 2016: 1 USD = 4.07 GHS
- September 2016: 1 USD = 4.09 GHS
- October 2016: 1 USD = 4.11 GHS
- November 2016: 1 USD = 4.13 GHS
- December 2016: 1 USD = 4.15 GHS
Economic Factors
The exchange rate between the USD and GHS in 2016 was influenced by several economic factors, including:
- Inflation: Ghana's inflation rate was relatively high in 2016, which put pressure on the cedi and caused it to depreciate against the USD.
- Oil Prices: The decline in global oil prices in 2016 affected Ghana's economy, as it is a major oil producer. This led to a decrease in foreign exchange earnings, which weakened the cedi.
- Interest Rates: The Bank of Ghana's monetary policy decisions, including changes to interest rates, also influenced the exchange rate.
Conclusion
In conclusion, the exchange rate between the USD and GHS in 2016 was characterized by fluctuations, with an average annual rate of 1 USD = 3.93 GHS. Understanding the economic factors that influenced the exchange rate can help businesses and individuals make informed decisions about trading and investment.
