Ghana’s currency, the cedi, has recently strengthened against major foreign currencies, particularly the dollar.
To help stabilize the cedi, the Bank of Ghana sold over 200 million dollars last week, which helped bring down the exchange rate from GH¢17.20 to GH¢16.55 by the end of Friday, November 15, 2024.
According to the Bank of Ghana’s daily update, as of November 18, 2024, the cedi is being bought for GH¢15.91 and sold for GH¢15.92.
The British Pound is being bought at GH¢20.16 and sold for GH¢20.18.
The Euro is being bought for GH¢16.85 and sold at GH¢16.87.
GhanaWeb Business reported on November 20, 2024, at 10:00 AM that the cedi is trading at GH¢16.75 to the dollar, while the pound is being sold for GH¢21.30 at some major forex bureaus across the country.
The Euro is being sold at GH¢17.80 in the retail market.
Even though the cedi has gained some value recently, its overall decline against major currencies still poses ongoing challenges for the Ghanaian economy.