Cedi gains momentum at forex bureaus

Ghana's local currency, the cedi, continues to gain momentum against major trading currencies, especially the dollar at some forex bureaus.

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 attributed the gains to the growth in Ghana's external sector.

In its daily update, the Central Bank noted that as of December 16, 2024, the cedi is trading at a buying price of GH¢14.73 and selling at GH¢14.74.

The British Pound is being bought at GH¢18.60 and sold at GH¢18.62.

The Euro trades at a buying price of GH¢15.46 and a selling price of GH¢15.48.

Checks by GhanaWeb Business as of December 16, 2024, at 8:30 AM show that the cedi is trading at GH¢15.70 to the dollar, while the pound is trading at GH¢19.80 at some major forex bureaus across the country.

Additionally, the Euro is trading at GH¢17.00 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.

Check the exchange rates for forex bureaus and the BoG below:

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