Ghana’s local currency which has been under immense pressure this year has seen some gains this week after the Central Bank sold some dollars to the market.
The cedi, which has been under pressure throughout the year, recorded relative stability in July this year, while inflationary pressures continued declining.
As of November 14, 2024, the Bank of Ghana is trading $1 at a buying price of GH¢16.14 and a selling price of GH¢16.15.
The British Pound is trading at a buying price of GH¢20.52 and a selling price of GH¢20.54.
The Euro is trading at a buying price of GH¢17.06 and a selling price of GH¢17.08.
However, checks by GhanaWeb Business as of November 14, 2024, at 10:00 AM show that the cedi is trading at GH¢17.15 to the dollar, while the pound is trading at GH¢21.26 at some major forex bureaus across the country.
Additionally, the Euro is trading at GH¢17.73 on the retail market.
The decline of the cedi against major trading currencies will further worsen the woes of the Ghanaian economy amidst the pricing behaviour of businesses.
The cedi has traded almost 1% lower against the dollar in the past month, after declining in value by nearly 24% this year, according to Bloomberg.
SSD/MA
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