Ghana cedi appreciates 0.6% against US dollar – BoG data

The local currency has appreciated marginally by some 0.6 percent marginally against the US dollar since the beginning of 2021.

This is according to the latest figures released from the Bank of Ghana’s (BoG) Summary of Economic and Financial Data.

The appreciation meant the cedi witnessed a 0.2 percentage points increase from that of February 2021 against the US Dollar.

The central bank explained, “the 0.4 percentage points appreciation for February 2021 when compared to the 4.5 percentage points appreciation recorded for same period in February 2020, reflects a huge fall in the performance of the cedi against the dollar.”

For trading activity, the cedi’s exchange rate to the US dollar was pegged at GH¢5.72 as of Friday, March 19, 2021.

For the British Pound, the Bank of Ghana’s data showed the cedi recorded a depreciation of 1.5 percent for February 2021. It also experienced a similar depreciation of 1.3 percent for March 2021.

Presently, the current exchange rate for the cedi against the British Pound is GH¢7.97.

With respect to the Euro, data showed that the cedi appreciated by 1.6 percent for February 2021 and by 3.5 percent in March 2021. The current exchange rate is for the cedi against the Euro GH¢6.87.

Previous data reveals that in the first half of 2020, the cedi has performed marginally well against major trading currencies.

Owing to this and the current growth rebound projections by the central bank amid the impact of the coronavirus pandemic, the cedi has been projected to experience some stability against major trading currencies for a greater part of 2021.