Ghanaians' Reaction to the Bank of Ghana's March 5, 2025, Exchange Rate Release

The official exchange rates for Wednesday, March 5, 2025, have been released by the Bank of Ghana. Commercial banks and other financial institutions' foreign exchange dealings will be guided by these rates.

The central bank reports that the US dollar is currently trading at GH₵15.5122 for purchases and GH₵15.5278 for sales. Accordingly, banks will buy one US dollar for GH₵15.5122, and then sell it for GH₵15.5278.

The purchasing and selling rates for the British pound sterling are GH₵19.7223 and GH₵19.7435, respectively. The pound's stronger worth relative to the Ghanaian cedi is reflected in this notable difference when compared to the US dollar.

Another significant foreign currency, the euro, has a buying rate of GH₵16.3088 and a selling rate of GH₵16.3237. In the Ghanaian market, these rates show how much banks are ready to swap for euros.

For commercial banks, forex bureaus, and companies involved in international commerce, the exchange rates offered by the Bank of Ghana act as a standard. These rates have an impact on foreign investments, remittances from Ghanaians residing outside, and the price of importing commodities.

Based on the supply and demand of foreign currencies as well as market conditions, the central bank sets these rates. It is crucial to remember that due to extra fees or changes in the market, actual prices at banks and currency bureaus may differ slightly.

The exchange rate continues to be a crucial determinant of the strength of the local currency relative to major foreign currencies as Ghana's economy navigates global financial trends. Before making foreign exchange transactions, individuals and companies are urged to verify the official rates.

Here are some Ghanaians' responses.