Ghana's local currency, the cedi, has gained some strength against major trading currencies especially the dollar in recent times.

The Bank of Ghana in its efforts to curb the depreciation of the cedi sold some dollars, worth over 200 million last week.

This reduced the exchange rate from GH¢17.20 to $16.55 by close of business on Friday November 15, 2024.

In its daily update, the Bank of Ghana announced that as of November 18, 2024, the cedi is trading at a buying price of GH¢15.96 and a selling price of GH¢15.98.

The British Pound is being bought at GH¢20.16 and sold at GH¢20.18.

The Euro is trading at a buying price of GH¢16.85 and a selling price of GH¢16.86.

Checks by GhanaWeb Business as of November 18, 2024, at 10:00 AM show that the cedi is trading at GH¢16.65 to the dollar, while the pound is trading at GH¢20.79 at some major forex bureaus across the country.

Additionally, the Euro is trading at GH¢17.45 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.


SSD/MA

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