The Ghanaian cedi is showing signs of recovery, trading at an average rate of ¢12.33 to the US dollar, according to the latest figures from the Bank of Ghana.
Data from the central bank’s official interbank rates for Monday, May 19, show the cedi buying at ¢12.3138 and selling at ¢12.3262 per dollar. This marks an improvement from previous trading sessions, indicating reduced pressure on the local currency.
In comparison to other major currencies, the cedi is trading at ¢16.3208 to the British pound on the buying side and ¢16.3383 on the selling side. Against the euro, it is exchanging at ¢13.7161 to buy and ¢13.7285 to sell.
Analysts credit the cedi’s strengthening to increased foreign currency inflows and continued interventions by the Bank of Ghana aimed at stabilizing the foreign exchange market.
The central bank remains vigilant, monitoring market trends and publishing daily exchange rate updates to ensure transparency and guide businesses and investors.
As the cedi gains momentum, it offers a sense of cautious optimism for traders and consumers dependent on foreign currency transactions in the weeks ahead.
