Ghana’s local currency, the cedi, is maintaining its upward trajectory against major trading currencies, particularly the US dollar, at various forex bureaus.
At the close of November, the cedi was selling at GH¢16.40 at some forex bureaus, an improvement from the highs of GH¢17.00 recorded in preceding months.
The Bank of Ghana has credited this strengthening to improvements in Ghana’s external sector performance.
In its daily update, the Central Bank reported that as of December 16, 2024, the cedi was trading at a buying price of GH¢14.73 and a selling price of GH¢14.74 against the US dollar.
For other major currencies, the British pound was being bought at GH¢18.60 and sold at GH¢18.62, while the euro was trading at a buying price of GH¢15.46 and a selling price of GH¢15.48.
Meanwhile, checks conducted by GhanaWeb Business at 8:30 AM on 16 December 2024 indicated that the cedi was trading at GH¢15.70 to the dollar and GH¢19.80 to the pound at major forex bureaus nationwide. The euro was trading at GH¢17.00 on the retail market.
Despite the recent gains, the overall depreciation of the cedi against major trading currencies continues to pose significant challenges for Ghana’s economy.
In its bid to stabilise the currency and curtail further depreciation, the Bank of Ghana injected over $200 million into the market in dollar sales.
