Ghana’s currency, the cedi, has shown some improvement in value against key international currencies, particularly the US dollar, in recent weeks.
The Bank of Ghana, in an effort to stabilize the cedi, injected over $200 million into the market last week.
This intervention lowered the exchange rate from GH¢17.20 to GH¢16.55 by the close of business on Friday, November 15, 2024.
According to the Bank of Ghana’s daily update on November 18, 2024, the cedi is now trading at GH¢15.96 for buying and GH¢15.98 for selling.
The British pound is trading at GH¢20.16 for buying and GH¢20.18 for selling, while the euro is at a buying price of GH¢16.85 and a selling price of GH¢16.86.
A survey by GhanaWeb Business conducted at 10:00 AM on November 18, 2024, revealed that some forex bureaus are exchanging the cedi at GH¢16.65 to the dollar, GH¢20.79 to the pound, and GH¢17.45 to the euro.
Despite these recent gains, the depreciation of the cedi against major currencies remains a significant challenge for Ghana’s economy.