Dollar to Cedi Exchange

It is day two of John Dramani Mahama’s reign as president of Ghana, and the dollar-to-Cedi Exchange Rates: from banks, Forex, and the black market for Jan 8th, 2025, are out. The average rate for $1 is ₵15.14 today, January 8th, 2025, compared to ₵16.24 three months ago. The Bank of Ghana interbank rate is pegged at a sellingm rate of GHS14.71 and a buying rate of GHS14.69

Black market dollar-to-cedi exchange rates

Dollar to Cedi Exchange Rates for Jan. 8th, 2025

Following John Dramani Mahama’s election as president, experts have provided various perspectives on the expected trajectory of the dollar to cedi exchange rates:

Immediate Market Reaction:

Mahama has promised to introduce a fixed exchange rate policy, aiming to address the volatility of the exchange rate, combat constant price hikes, and ensure market certainty. This policy, if implemented, could potentially stabilise the cedi, reducing the drastic fluctuations seen in recent times. However, the effectiveness of such a policy would depend heavily on its execution and the broader economic context.

Historical Context and Criticism:

During his previous term, Mahama’s administration saw the cedi weaken significantly. Critics from the opposition have highlighted the depreciation from GH¢4 to GH¢16 per dollar under his watch, questioning the promise of economic turnaround. This historical performance adds a layer of scepticism about how quickly or effectively Mahama can reverse the current trend.

Long-term Forecasts:

General forecasts from financial analysts and platforms like Walletinvestor.com suggest a long-term appreciation of the cedi against the dollar over the next few years, but these predictions are not directly tied to Mahama’s policies and more to broader economic trends and expectations. However, Mahama’s influence could accelerate or modify these trends depending on his policy outcomes.

Sentiment on X:

The dollar to cedi rates table below from Cedirates.com  reveals a wide range of rates across different platforms. Crypto exchanges like AfriSwap and CediConvert offer the most competitive buying rates, with Binance P2P coming in a close third. However, be mindful of the potential volatility and additional fees associated with cryptocurrency transactions.

Forex bureaus like GAFORB and WeWire Africa also offer attractive rates, though they typically fall slightly behind the crypto exchanges. Traditional money transfer services like Western Union and Wise, while convenient, offer significantly lower buying rates.

Commercial banks present a mixed bag. CBG Bank boasts the lowest selling rate, making it a good option for those looking to offload dollars. However, their buying rate is among the lowest. GCB Bank offers a decent middle ground, while GTBank, Zenith Bank, and Ecobank fall somewhere in between.

Stanbic Bank, Absa Bank, and CalBank offer slightly higher buying rates than the aforementioned banks, while UBA, Remitly, Sendwave, and WorldRemit bring up the rear with the least competitive rates.

It’s worth noting the curious case of Visa, listed with a negative buying rate. This unusual figure likely indicates the fees associated with using Visa cards for international transactions, rather than a true exchange rate.

READ: Dollar to Cedi Exchange Rates for January 12, 2023: $1 selling for 12.86 (VISA)

When choosing a platform, consider more than just the headline rates. Factors like transaction fees, processing times, security, and ease of use should also be weighed. For smaller transactions, convenience might outweigh a slightly lower rate. For larger sums, seeking out the best rate, even if it involves a bit more legwork, could save you significant money.