Ghana’s Cedi Sees Modest Gains Against Major Currencies Amid Central Bank Efforts

Ghana’s local currency, the cedi, has registered marginal gains against major trading currencies, particularly the US dollar, according to recent data from forex bureaus across the country.

The Central Bank’s daily update indicated that the cedi is trading at a buying price of GH¢14.69 and selling at GH¢14.70 to the dollar.

The British Pound is being bought at GH¢18.37 and sold at GH¢18.39, while the Euro is trading at GH¢15.25 for buying and GH¢15.26 for selling, as reported by the Bank of Ghana.

However, on the retail market, particularly at major forex bureaus, the cedi’s performance shows a slight deviation. As of 8:00 AM on January 8, 2025, the cedi is trading at GH¢15.80 to the dollar, with the pound going for GH¢19.70. The Euro is also being sold at GH¢16.60 at some bureaus.

To curb the cedi’s depreciation, the Bank of Ghana took proactive measures in the final quarter of 2024, selling more than 200 million dollars. This intervention appears to have helped stabilize the local currency, though fluctuations in the market continue.

As Ghana navigates its economic challenges, the Central Bank’s continued oversight and efforts to bolster the cedi remain crucial in maintaining stability and addressing the exchange rate pressures.