Ghana’s local currency, the cedi, has gained some strength against major trading currencies especially the dollar.
In its daily update, the Bank of Ghana announced that as of November 25, 2024, the cedi is trading at a buying price of GH¢15.79 and a selling price of GH¢15.80.
The British Pound is being bought at GH¢19.76 and sold at GH¢19.78.
The Euro trades at a buying price of GH¢16.41 and a selling price of GH¢16.43.
Checks by GhanaWeb Business as of November 25, 2024, at 10:00 AM show that the cedi is trading at GH¢16.70 to the dollar, while the pound is trading at GH¢21.30 at some major forex bureaus across the country.
Additionally, the Euro is trading at GH¢17.80 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.
This has reduced the exchange rate from GH¢17.20 to $15.90. The cedi’s gain will reflect on fuel prices and other commodities in the country.
See the Bank of Ghana and forex bureau rates below
Source: Ghanaweb