Ghana’s local currency, the cedi, has recorded slight gains against major trading currencies, particularly the US dollar, at various forex bureaus across the country. This development comes as the Bank of Ghana continues its efforts to stabilize the currency through monetary interventions.
In its daily market update, the central bank reported that the cedi is trading at a buying price of GH¢14.37 and a selling price of GH¢14.38 per dollar. Meanwhile, the British pound is being bought at GH¢19.27 and sold at GH¢19.29, while the euro is trading at a buying price of GH¢16.38 and a selling price of GH¢16.40.
At the retail level, the cedi is exchanging for GH¢15.60 per dollar, while the pound is trading at GH¢20.60. The euro is also trading higher, reaching GH¢17.65 in some forex bureaus.
To mitigate the depreciation of the cedi and support its recovery, the Bank of Ghana sold over $200 million on the open market during the last quarter of 2024. This measure, part of the central bank’s broader monetary policy strategy, has been aimed at addressing the demand for foreign currency while boosting confidence in the cedi.
The gradual improvement in the cedi’s performance is seen as a positive signal for importers, businesses, and the general economy. However, analysts suggest that sustained interventions and sound fiscal policies will be critical in maintaining the currency’s stability in the long term.
Story by: Mercy Addai Turkson #ahotoronline.com
