Ghana’s local currency, the cedi, has shown marginal improvements against major international currencies, signaling a glimmer of stability in the foreign exchange market. As of the end of April 2024, the cedi traded at an average of GH₵15.30 to the US dollar at various forex bureaus across the country.
The Bank of Ghana’s daily update revealed that the cedi’s buying price stood at GH₵14.24 and selling price at GH₵14.25 to the dollar. For the British pound, the currency was being bought at GH₵19.08 and sold at GH₵19.10. Meanwhile, the euro traded at a buying price of GH₵16.23 and a selling price of GH₵16.25.
On the retail market, the dollar remained steady at GH₵15.30, while the pound surged slightly to GH₵20.30. The euro also climbed, trading at GH₵17.40, reflecting varying dynamics in demand and supply for the currencies.
To mitigate the cedi’s depreciation earlier in the year, the Bank of Ghana intervened by injecting over $200 million into the market during the final quarter of 2024. This move aimed to stabilize the exchange rate by easing the pressure from high dollar demand.
Economic analysts have lauded the cedi’s recent gains but caution that long-term stability will require sustained fiscal discipline and robust policies to bolster foreign exchange reserves. Businesses and consumers remain hopeful that this trend will continue, easing the financial burden caused by currency depreciation.
Story by: Mercy Addai Turkson #ahotoronline.com
