Ghana’s cedi is gradually gaining ground against the dollar. As the year winds down, the local currency has been steadily picking up strength, especially against the dollar. Just last November, it was floating around GH¢17.00, but by the time the month wrapped up, it had dropped to GH¢16.40 at some forex bureaus.
The Bank of Ghana is crediting the boost to improvements in the country’s external sector. In a recent update, the central bank reported that as of December 4, 2024, the cedi was trading at GH¢15.10 when buying and GH¢15.12 when selling.
Meanwhile, the British pound is being bought at GH¢19.12 and sold at GH¢19.14, while the Euro’s rates are a bit lower at GH¢15.88 to buy and GH¢15.89 to sell.
A quick check this morning (Dec 4, 2024) around 8:10 AM shows the cedi at GH¢16.00 to the dollar, while the pound has slipped to GH¢20.10 and the Euro is at GH¢16.85 on the retail market.
To curb the cedi’s earlier dip, the Bank of Ghana stepped in, selling over $200 million worth of dollars.
