By Kenneth Appiah Bani
Ghana’s local currency, the cedi, has been performing well against major trading currencies, especially the dollar, at some forex bureaus. The cedi was selling at GH¢16.40 in November, a significant improvement from the GH¢17.00 it was selling for in previous months. The Bank of Ghana has credited this positive trend to the growth in Ghana’s external sector.
According to the Central Bank’s daily update on December 16, 2024, the cedi was being bought at GH¢14.73 and sold at GH¢14.74. The British Pound was trading at GH¢18.60 for buying and GH¢18.62 for selling, while the Euro was being bought at GH¢15.46 and sold at GH¢15.48.
As of the same date and time, the cedi was trading at GH¢15.70 to the dollar, with the pound at GH¢19.80 and the Euro at GH¢17.00 at various forex bureaus in Ghana. Despite these positive developments, a decline in the value of the cedi against major currencies could have negative implications for the Ghanaian economy.
To address this issue, the Bank of Ghana has sold over 200 million dollars in an effort to stabilize the cedi and prevent further depreciation. This intervention is crucial in maintaining the strength of the cedi and supporting the overall economic stability of Ghana.
