Ghana’s local currency, the cedi, continues to strengthen against major trading currencies, particularly the US dollar, at several forex bureaus.
In November, the cedi closed at GH¢16.40 to the dollar at some forex bureaus, a notable improvement from the GH¢17.00 seen in previous months.
The Bank of Ghana credits this positive trend to growth in the country’s external sector. In its latest update on December 19, 2024, the Central Bank reported that the cedi is trading at a buying price of GH¢14.72 and a selling price of GH¢14.73 to the dollar.
For other major currencies, the British pound is being bought at GH¢18.68 and sold at GH¢18.70, while the euro is trading at GH¢15.41 (buying) and GH¢15.42 (selling).
However, market checks by GhanaWeb Business on December 18, 2024, at 10:00 AM show slightly different rates at retail forex bureaus. The cedi was trading at GH¢15.95 to the dollar, the pound at GH¢20.10, and the euro at GH¢17.00.
Despite the cedi’s recent gains, its earlier depreciation against major currencies has exacerbated Ghana’s economic challenges. To stabilise the currency, the Bank of Ghana injected over $200 million into the market.
While these measures have yielded some positive results, experts caution that sustained economic improvements will require comprehensive strategies to address the underlying causes of the cedi’s volatility.
