Ghana’s local currency, the cedi, has continued on its positive trajectory to gain some strength against major trading currencies, especially the dollar as the year comes to an end.
The cedi ended November selling at GH¢16.40 at some forex bureaus after recording up to GH¢17.00 in the months prior.
The Bank of Ghana has attributed the gains to the growth in Ghana’s external sector.
In its daily update, the Central Bank noted that as of December 2, 2024, the cedi is trading at a buying price of GH¢15.26 and a selling price of GH¢15.27.
The British Pound is being bought at GH¢19.38 and sold at GH¢19.40.
The Euro trades at a buying price of GH¢16.16 and a selling price of GH¢16.13.
Checks by GhanaWeb Business as of December 2, 2024, at 10:00 AM show that the cedi is trading at GH¢16.40 to the dollar, while the pound is trading at GH¢20.80 at some major forex bureaus across the country.
Additionally, the Euro is trading at GH¢17.65 on the retail market.
Despite the current gains, the decline of the cedi against major trading currencies will further worsen the woes of the Ghanaian economy.
The Bank of Ghana in its efforts to curb the depreciation of the cedi sold some dollars, worth over 200 million.
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SSD/MA
