The Bank of Ghana’s daily exchange rate announcements for interbank transfers has been a useful update in week one of November.
The cedi is gaining enviable stability against the major trading currencies as we share our exchange rate ranges predicted for Monday 7th November.
At the end of business on 3rd November, the Exchange rates for the dollar, pounds, and euros were as follows.
Per the Bank of Ghana, $1 was worth GHS13.0029 when you are buying and Ghs13.0159 when selling. The Pound was bought at1 pound aGHS14.9026 and sold at GHS14.9188 whiles the Euro was bought at GHS12.8338 and sold at GHS12.8467.
On 4th November, the Bank of Ghana announced that $1 was worth Ghs13.0017 when you are buying and GHS13.0147 when selling. One pound was also bought and sold at GHS14.5346 and GHS14.5517 respectively whiles the Euro was bought at GHS12.6818 and sold at GHS12.6945
The above shows that on Friday 4th November, the cedi appreciated against all three major currencies. The cedi’s appreciation can be seen in the data in the table below under the change in rate in the Real value and Percentage terms section.
Exchange rate projections for Monday 7th November based on BoG rates
In the absence of any news that will trigger a depreciation of the cedi, it is projected that the cedi’s buying and selling rate should range between GHS13.0005 and GHS13.0159. Cedi gains 36 Pesewas against the pound which represented 2.46% appreciation while the Euro also depreciated against the cedi by some 1.8%.
These positive outlooks are expected to reflect in the Monday 7th November exchange rates for all three currencies.
The pound is projected to be bought and sold between GHS14.16 and GHS14.92 respectively while the Euro should hover between GHS12.53 and GHS12.85.
Given the positive outlook for the cedi last week. We project a favourable stability in the Exchange rate as follows.
Note that the projections are not from the BoG, but our projections are based on data on the 3rd and 4th of November from the BoG.