The summary of economic and financial data from the Bank of Ghana mentions that on the interbank market, the cedi sold at 10.60¢ per US dollar in January 2023, compared with 8.57¢ in December 2022.

The central bank set the depreciation of the cedi to the US greenback in 2022 at 30%. The local currency lost 21.4% and 20.7% in value respectively in January 2023 for the pound and the euro. After registering sustained stability during most of December 2022, the local currency came under strong pressure on the American currency in January 2023. The cedi is following its trend to become the second weakest currency among the 15 main currencies in sub-Saharan Africa in January 2023 through this depreciation.

On the foreign exchange and retail markets, it sold at 13.10¢ per US dollar, but its value has since improved slightly to 12.90¢. For its part, the cedi recorded sustained stability against the dollar and the main foreign currencies this week.