Ghana’s local currency, the cedi, continues its upward momentum on the interbank market, appreciating steadily against major trading currencies, particularly the US dollar. This marks a positive trajectory in the nation’s efforts to stabilize its economy amidst global and local financial pressures.
In its daily update, the Bank of Ghana reported that the cedi is currently trading at a buying price of GH¢10.27 and a selling price of GH¢10.28 to the dollar. The British pound is being bought at GH¢13.82 and sold at GH¢13.83, while the euro trades at a buying price of GH¢11.59 and a selling price of GH¢11.60.
By 9:00 a.m. on May 29, 2025, the cedi was recorded trading at GH¢11.50 at some forex bureaus, with the pound sterling selling at GH¢15.80. Similarly, the euro is priced at GH¢13.30 on the retail market, reflecting minor variations in rates between the interbank and retail trading platforms.
In a related development, the Bank of Ghana announced an upcoming boost to the country’s foreign exchange reserves, with an anticipated $360 million inflow from the International Monetary Fund (IMF) scheduled for June 2025. This injection is expected to further stabilize the cedi, solidifying its position against external shocks and contributing to economic resilience.
The recent performance of the cedi signals optimism for the local market and provides relief for businesses and individuals dealing with imported goods and services. Analysts note that consistent interventions, prudent fiscal policies, and external support, such as the IMF tranche, will be crucial in sustaining this positive trend.
While challenges remain, particularly in maintaining the cedi’s strength amidst global uncertainties, Ghana’s financial strategies appear to be bearing fruit, fostering greater confidence in the currency’s stability.
Story by:Mercy Addai Turkson #ahotoronline.com
