The Black Market of Ghana: The Dollar to Cedi Exchange Rate

Find out how the current black market rate for the dollar to cedi exchange compares with official rates, and what this means for business in Ghana.

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The Black Market of Ghana: The Dollar to Cedi Exchange Rate
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The cost of living in Ghana is going up. Accommodation prices are rising, and the cost of food is going up with it. It's not just a problem for the average person, but also for expats who have been living in Ghana for years.

One of the reasons why the cost of living has been increasing is due to the unstable dollar-to-cedi exchange rate. The US dollar has been trading at about 4 cedi per dollar for quite some time now. As you may know, this means that goods imported from abroad are becoming more expensive. With higher prices come higher costs of living and increasingly high levels of inflation. Here are some ways to help make your dollar stretch further in Ghana.

 

The Black Market of Ghana

The dollar to cedi exchange rate is a problem for many people living in Ghana. The cost of living, which includes everything from accommodation prices to the price of imported goods, has been increasing.

For expats who have been living in Ghana for years, these costs are more significant as they compare them to how much things cost when they first moved here. One common way to help make your dollar stretch further is through the black market.

In recent years, the dollar-to-cedi exchange rate has been around 4 cedi per dollar. For example, let's say you want to buy a laptop for $600. If you were purchasing it with US dollars, that would be about 2 million cedi - not an amount everyone can afford. Luckily there are places where you can trade your US dollars for cedis and spend less on that laptop. These black markets typically offer a better exchange rate or similar rates as those found at banks or currency exchanges in Ghana.

 

The Dollar to Cedi Exchange Rate

The dollar-to-cedi exchange rate is one of the reasons why the cost of living in Ghana is going up. This is because many imported goods from abroad are priced in dollars, which makes them more expensive than the local Ghanaian currency. One way to help make your dollar stretch further and get around this problem is by packing an emergency kit. Your emergency kit should include items like canned food, bottled water, batteries, chargers for phones and electronics, and toiletries. You should also bring enough cash with you as you will need it for things like taxis, public transportation, and tips.

Another way to help make your dollar go farther is to plan ahead and buy food before leaving the country. Buying food near the border will save you a lot of money because the prices are much lower in other countries. In fact, some people have reported that they can save up to 50% on groceries by buying at the border before returning home to Ghana. Buying food at markets or shops in Accra will also save money since they tend to be cheaper than supermarkets or grocery stores that sell imported goods.

 

What You Can Do To Make Your Dollar Stretch Further

One of the most effective ways to make your dollar stretch further is to buy locally-made goods. You always have the option of buying imported goods, but you can save money by purchasing local products instead. One way that you can do this is by shopping in one of Ghana's biggest markets, Elmina Market or John Mensah market. There, you're bound to find what you need at a much lower price than a store would charge for the same thing.

If you want to stay safe and not get scammed, it's always best to purchase from a reputable shop rather than an individual peddler. One way that you can get staple items like rice and beans cheaper is through wholesale purchases. Wholesale shops offer bulk items that are usually cheaper because they don't have to pay taxes on them. If you're looking for electronics such as TVs and laptops, purchasing them secondhand is an excellent idea because they'll be up to 60 percent cheaper than if they were brand new.

 

Dollar to Cedi Exchange Rate After 10 Years

The dollar to cedi exchange rate has been steadily decreasing over the past 10 years. The rate was at 3.50 cedi per dollar in 2006, 1.85 in 2007, and stands at 4 today. In less than two years, we'll be at 5 cedi per dollar. As a result, goods imported from abroad are becoming more expensive. With higher prices come higher costs of living and increasingly high levels of inflation.

 

Conclusion

The black market in Ghana is a place where people go to exchange their dollars for Cedis. The reason for this is that the official exchange rate is so low. It is also a place where people have been able to make money simply by exchanging their dollars for Cedis. This article gives steps that you can take to make your dollar stretch further. The article also talks about the dollar to cedi exchange rate after 10 years. This article is effective because it gives steps you can take to make your dollar stretch further and it gives the reader an idea of what the dollar to cedi exchange rate is like after 10 years.