Ghana’s local currency, the cedi, is showing resilience on the interbank market, gaining ground against major global currencies, particularly the US dollar. This positive performance reflects ongoing efforts by the Bank of Ghana to stabilize the currency amidst global economic pressures.
In its latest market update, the Bank of Ghana reported that the cedi is trading at a buying price of GH¢12.09 and a selling price of GH¢12.10 per dollar. The British pound, another major currency, is being bought at GH¢16.16 and sold at GH¢16.18, while the euro is trading at a buying price of GH¢13.61 and a selling price of GH¢13.62.
However, the situation differs slightly in the retail forex market. As of 9:00 AM on May 21, 2025, some forex bureaus across the country are quoting the dollar at GH¢13.50, the pound at GH¢18.00, and the euro at GH¢15.40.
The cedi’s relative strength comes on the heels of proactive measures by the Bank of Ghana. To curb its depreciation, the central bank injected over $200 million into the market during the last quarter of 2024. These interventions appear to be yielding results, helping to stabilize the currency and improve confidence in the local economy.
As Ghana continues to navigate the complex dynamics of the global financial system, the cedi’s performance will be closely watched, with its current trend offering a glimmer of hope for businesses and consumers alike.
Story by: Mercy Addai Turkson #ahotoronline.com
