Cedi gains in the past two days, drops to GH¢17.15, Visa payments at GH¢17.42

Reports have indicated that the cedi appreciated on the foreign exchange market in the past two days after the Central Bank sold $214 million last week through two- and seven-day contracts.

The cedi gained 0.2% to trade at GH¢16.3302 to $1 as of November 11, 2024.

Databank noted that this has been “the highest in a week this year and has also helped to ease some demand backlog.”

Norvanreports said a central bank official separately confirmed the dollar sales and said the regulator expects volatility to remain subdued toward the end of the year, supported by robust foreign exchange reserves.

As of November 12, 2024, the BoG was trading the dollar at a buying price of GH¢16.24 and a selling price of GH¢16.25.

The British Pound is trading at a buying price of GH¢20.67 and a selling price of GH¢20.69.

The Euro is trading at a buying price of GH¢17.21 and a selling price of GH¢17.23.

However, checks by GhanaWeb Business show that the cedi is trading at GH¢17.15 to the dollar, while the pound is trading at GH¢21.58 at some major forex bureaus across the country.

Additionally, the Euro is trading at GH¢17.95 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.

SSD/MA

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