Ghanaian Cedi Shows Marginal Gains Against Major Currencies

The Ghanaian cedi has seen increases against the US dollar, now trading at GH¢16.10. The British pound is at GH¢20.90, while the euro trades at GH¢17.60. The Bank of Ghana’s recent sale of over $200 million is intended to combat depreciation of the cedi.

The Ghanaian cedi has displayed minor improvements against key currencies, mainly the US dollar, at various forex bureaus. According to the Central Bank’s latest update, the buying and selling prices for the dollar are set at GH¢15.53 and GH¢15.54, respectively.

Additionally, the British pound is being purchased at GH¢20.14 and sold at GH¢20.16, while the euro is available at a buying price of GH¢16.93 and a selling price of GH¢16.95.

As of March 13, 2025, it was reported that the cedi reached a trading value of GH¢16.10 against the dollar, with the pound trading at GH¢20.90 in several prominent forex bureaus nationwide. For the euro, the prevailing rate on the retail market is GH¢17.60.

In an effort to mitigate depreciation of the cedi, the Bank of Ghana sold over $200 million during the last quarter of 2024. This strategic move is part of measures aimed at stabilizing the currency and reinforcing its value in the marketplace.

Furthermore, a special edition of People and Places highlights the return of the head of Kwame Nkrumah’s bronze statue after a duration of 43 years, showcasing significant cultural and historical developments within the country.

In summary, the Ghanaian cedi is currently showing slight increments against the US dollar and other major currencies within the forex market. The Central Bank’s efforts, including the sale of significant foreign currency reserves, aim to maintain currency stability. Notably, as the cedi trades in the local forex environment, it demonstrates the ongoing dynamic of Ghana’s economic performance.

Original Source: www.ghanaweb.com