It’s quite unfortunate that for the past few months, the cedi has depreciated drastically against major international foreign currencies such as the dollar, pounds and the euros. News coming in indicates that the Ghana cedi has once again strengthened in value against the dollar few days after the government launched the Debt Exchange Programme.
The Ghana cedi strengthened in value against the dollar almost a day after the government launched the Debt Exchange Programme.
The Interbank forex rates from the Bank of Ghana today, December 8, 2022, have shown that the Ghana Cedi is trading against the dollar at a buying price of 12.8936 and a selling price of 12.9065.
As compared to yesterday’s trading of a buying price of 13.0968 and a selling price of 13.1100. At a forex bureau in Accra, the dollar is being bought at a rate of 12.70 and sold at a rate of 13.60.
Against the Pound Sterling, the Cedi is trading at a buying price of 15.7404 and a selling price of 15.7588 as compared to yesterday’s trading of a buying price of 15.9926 and a selling price of 16.0112.
At a forex bureau in Accra, the pound sterling is being bought at a rate of 15.75 and sold at a rate of 16.80.
The Euro is trading at a buying price of 13.5565 and a selling price of 13.5711 as compared to yesterday’s trading of a buying price of 13.7974 and a selling price of 13.8123.
At a forex bureau in Accra, Euro is being bought at a rate of 12.70 and sold at a rate of 13.80.
The South African Rand is trading at a buying price of 0.7530 and a selling price of 0.7536 as compared to yesterday’s trading of a buying price of 0.7535 and a selling price of 0.7542.
At a forex bureau in Accra, South African Rand is being bought at a rate of 0.65 and sold at a rate of 1.10.
The Nigerian Naira is trading at a buying price of 34.4109 and a selling price of 34.5202 as compared to yesterday’s trading at a buying price of 33.8492 and a selling price of 33.9858.
At a forex bureau in Accra, Nigerian Naira is being bought at a rate of 16.00 Naira for every 1 Cedi and sold at a rate of 20.50.
For the CFA, it is trading at a buying price of 47.7192 and a selling price of 47.7706.
At a forex bureau in Accra, CFA is being bought at a rate of 18.50 CFA for every 1 Cedi and sold at a rate of 23.50 CFA for every 1 Cedi.
Our forex bureau rates are provided by Afriswap Bureau De Change in Osu, Accra.
The local currency also improved in value against the other major foreign currencies, the pound and the euro. It is, however, unclear why the cedi gained value against these major international currencies.
But some market watchers and analysts may attribute it to the Debt Exchange Programme as the government defined the parameters of the programme to pave way for a programme from the International Monetary Fund (IMF).
The local currency had remained relatively stable, particularly to the dollar in recent weeks.
It is the hope of the Akufo Addo led government to see such appreciation of the Ghana Cedi for many years. This will help reduce inflation in the country.