Cedi gains strength once more, selling for GHS8 to $1 on the interbank market and GHS10.50 on the foreign exchange market.
The Ghanaian cedi has continued to appreciate for a second week in a row. Since the beginning of the year, the currency has lost more than 50% of its value, making it the worst-performing currency at one time. However, in recent months it has acquired some momentum and is now trading around GH8 to $1 on the interbank market and GH10.50 on the foreign market.
Another week has passed with the cedi continuing to perform well versus the US dollar. The Ghanaian currency has done well compared to all the major trade currencies, despite losing more than 50% of its value versus the US dollar.
Trading at GH8 to the US dollar, the Cedi is on the road to recovery. The local currency has been on the rise over the past two weeks and is now trading on the interbank market at GH8 to a US dollar.
The overall return is now selling for GH 10.50, however, the price is higher on the FX or retail market.
The British pound and the euro are now trading at 9.80 and 8.50 cedis, respectively, according to the Bank of Ghana’s official interbank exchange rates, which were released on Friday, December 16, 2022.