S. OlawaleBritish Pounds to Cedis Exchange Rate Today November 2016
You asked how much is british pounds to cedis today ?, well The Pounds to Cedis exchange rate today is 1 GBP to 4.94 GHC. The Ghana cedi with the currency sign: GH₵ and currency code: GHS is the official unit of currency of Ghana. The Cedi is the fourth and only legal tender in the Republic of Ghana and One Ghana cedi is divided into one hundred pesewas (Gp).
British Pounds to Cedis Exchange Rate Today
1 GBP to 4.94 GHC
Though the exchange rate of 1 Great Britain Pounds to 4.94 Ghanian Cedi is a fairly good exchange rate for the Ghanian Cedi at the moment we should note that the Cedi is depreciating at a slow rate at this means that the cedi is gradually becoming less valuable with respect to the Great Britain Pounds and other countries can buy more from the Ghanaian markets spending the same amount of pounds, which by effect means that our exports are more lucrative to the foreign countries.
One of the big question a lot of Ghanaians ask is, why does the Cedi depreciate?
Just like any traded goods or services, the value of a currency is dependent on the demand and supply of that currency. So if there is more demand for pounds in the currency market and the demand is not adequately matched by supply, all things being equal the cedi price for pounds will go up or the Ghanian Cedi will depreciate. On the other hand if the supply of pounds is higher than the demand, then the cedi will appreciate.
One of the reason the Ghana Cedi might be falling in value against other foreign currencies is that Ghana runs a current account deficit system, and this gets compensated by inflow on the capital account (foreigners investing in Ghana, including direct and portfolio investments).
In recent times Ghana’s current account deficit has widened and capital flows have not been able to bridge the gap. As at the quarter ending of June, this deficit has expanded to 6.7% of the gross domestic product compared with 4.3% in the same time in the year 2015. As a result of this, the Ghanian Cedi is falling because demand for top foreign currency is high while the supply remains low.
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