December 13: Cedi Exchange Rate Reaches GHS15.28 to $1, GHS14.74 on BoG Interbank Market

As of Friday, December 13, 2024, the Ghanaian Cedi has continued its upward movement against the United States Dollar, appreciating by 4 pesewas for both buying and selling rates compared to the previous day. By 10:00 am on Friday, the buying rate for the Cedi was pegged at GHS14.71, while the selling rate had risen to GHS15.28, based on data provided by Cedirates.com, a reliable Ghanaian platform offering real-time updates on currency and fuel prices.

In the interbank market, the exchange rates are slightly different, with the buying rate standing at GHS14.72 and the selling rate at GHS14.74 for each US dollar. These fluctuations highlight the ongoing changes in the currency exchange landscape, particularly as the Cedi continues to show resilience against the US dollar after months of instability.

The exchange rates for other major foreign currencies have also been affected. The British Pound Sterling, for instance, is being bought at an average rate of GHS18.34 and sold for GHS19.32. Similarly, the Euro is seeing a buying rate of GHS15.27 and a selling rate of GHS16.02, marking a notable shift from previous periods. On the Bank of Ghana interbank market, the Pound Sterling is trading at a selling price of GHS18.74, while the Euro is being sold for GHS15.49.

In the realm of international money transfers, platforms like LemFi and Afriex are offering competitive exchange rates for those sending funds to Ghana. For the US dollar, LemFi is offering a buying rate of GHS14.60 and a selling rate of GHS14.70. Similarly, Afriex is also offering rates close to these figures, making them popular options for international transfers.

In terms of European currencies, LemFi and Afriex offer the British Pound at buying rates of GHS18.58 and GHS15.27, respectively. When it comes to the Euro, Afriex’s selling rate is GHS15.31, while LemFi is slightly higher at GHS15.34 for each Euro.

For those renewing their subscriptions to digital services such as Netflix, Spotify, or Apple Music, the payment processors Visa and Mastercard are offering exchange rates at GHS15.73 for each US dollar. This provides consumers with a relatively consistent rate, though it is slightly above the market rate for the US dollar in some cases. This suggests a marginal markup for those making payments for subscriptions through these channels.

The ongoing fluctuations in the value of the Cedi against foreign currencies are influenced by several factors, including global economic trends, inflation, and domestic policy decisions. While the exchange rate shows a more favorable outlook for the Cedi against the US dollar, the cost of living remains a concern for many Ghanaians due to the impact of the global economic climate on local inflation.

Additionally, the volatility of exchange rates reflects the broader picture of Ghana’s economic recovery efforts. The Central Bank’s strategies, such as intervening in the market through foreign exchange reserves, have likely played a role in stabilizing the Cedi in recent weeks.

As the Cedi continues to show signs of improvement, it remains to be seen whether this trend will continue in the coming months. The exchange rate movement is a key indicator of the health of Ghana’s economy and a signal of the wider economic policies being pursued. For now, the Cedi’s strengthening against the US dollar offers some relief to businesses and individuals engaging in international trade and finance, though the challenges of inflation and the cost of living remain ever-present.