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Ghana’s local currency, the cedi, has strengthened against major trading currencies, particularly the dollar, as the year draws to a close. The cedi ended November at GH¢16.40 at some forex bureaus, improving from GH¢17.00 in earlier months. The Bank of Ghana (BoG) attributes these gains to growth in Ghana’s external sector.
As of December 5, 2024, the cedi is trading at a buying price of GH¢14.91 and a selling price of GH¢14.92. The British Pound is bought at GH¢18.94 and sold at GH¢18.96, while the Euro is trading at GH¢15.69 buying and GH¢15.71 selling.
At some major forex bureaus, as of 8:30 AM on December 5, 2024, the cedi is trading at GH¢16.00 to the dollar, GH¢20.10 to the pound, and GH¢16.85 to the Euro.
To curb the cedi’s depreciation, the Bank of Ghana (BoG) has sold over $200 million in dollars.
