Cedi Strengthens Against Dollar, Moves from GH¢11.75 to GH¢10.94 in One Week
The Ghana cedi recorded a 6.9% appreciation against the US dollar in seven days, with the interbank buying rate falling from GH¢11.75 to GH¢10.94.
- Cedi gains 6.9% against US dollar in one week
- Dollar rate falls from GH¢11.75 to GH¢10.94
- Cedi also strengthens against pound and euro
The Ghanaian cedi recorded a significant appreciation against the US dollar over the past week, strengthening from GH¢11.75 to GH¢10.94, according to Bank of Ghana daily exchange rate data.
The interbank buying rate for the US dollar stood at GH¢11.75 on August 10 but rose slightly to GH¢11.76 on August 11 before beginning a steady decline.
The rate fell to GH¢11.73 on August 12, GH¢11.34 on August 13, and GH¢10.97 on August 14.
By August 17, the dollar’s interbank buying rate had dropped further to GH¢10.94, representing an appreciation of about 6.9% by the cedi within seven days.
The dollar’s interbank selling rate also declined from GH¢11.77 on August 10 to GH¢10.96 on August 17.
The cedi also strengthened against other major international currencies during the period. The pound sterling’s buying rate fell from GH¢15.86 to GH¢14.83, while the euro declined from GH¢13.59 to GH¢12.67.
The latest figures point to a broad-based appreciation of the cedi against the dollar, pound and euro, reflecting relatively stable conditions in the interbank foreign exchange market.
