The Ghanaian cedi has recently strengthened against key trading currencies, particularly the US dollar.
Bank of Ghana intervened last week by selling over $200 million to help stabilize the currency, which resulted in a reduction of the exchange rate from GH¢17.20 to GH¢16.55 by the end of November 15, 2024.
As of November 22, 2024, the central bank’s daily update shows the cedi is being traded at GH¢15.84 for buying and GH¢15.85 for selling.
Meanwhile, the British Pound is being bought at GH¢19.86 and sold at GH¢19.99, while the Euro is trading at GH¢16.62 for buying and GH¢16.63 for selling.
At 10:00 AM on November 22, 2024, checks by GhanaWeb Business revealed that the cedi is being exchanged at GH¢16.75 to the dollar and GH¢21.20 to the pound at some major forex bureaus. The Euro is also trading at GH¢17.80 in the retail market.
Despite the recent gains, the cedi’s decline against major currencies continues to pose challenges for the Ghanaian economy.
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