Ghana’s local currency, the cedi, continues to gain momentum against major trading currency, especially the dollar at some forex bureaus.
The cedi ended November selling at GH¢16.40 at some bureaus after recording up to GH¢17.00 in the month prior.
The Bank of Ghana attributed the gains to the growth in Ghana’s external sector.
In its daily update, Central Bank noted that that as of December 16,2024, the cedi is trading at a buying price of GH¢14.73 and a selling price of GH¢14.74.
The British Pound is being bought at GH¢18.60 and sold at GH¢18.62.
The Euro trades at a buying price of GH¢15.46 and a selling price of GH¢15.48.
Checks by GhanaWeb Business as of December 16, 2024, at 8:30 AM show that the cedi is trading at GH¢15.70 to the dollar, while the pound is trading at GH¢19.80 at some forex bureaus across the country.
Additionally, the Euro is trading at GH¢17.00 on the retail market.
Despite the currency 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 effort of curb the depreciation of the cedi sold some dollars, worth over 200 million.
By: GhanaWeb