Cedi Experiences Mixed Movements in Latest Exchange Rates

The Ghanaian cedi has experienced mixed movements against major currencies in recent exchange rates published by the Bank of Ghana. The local currency weakened slightly against the US dollar, with a rate of GH¢11.6900 as of September 29. This represents an increase of GH¢0.0300, or about 0.26%, from the previous average rate.

The pound sterling, however, moved in the opposite direction, with its average rate falling to GH¢15.4443 from GH¢15.4676. This decline is equivalent to about 0.15%. The euro also recorded a marginal decrease, with an average rate of GH¢13.2438, down from GH¢13.2638 previously.

The latest exchange rates reflect transactions at the close of business on September 29, and the Bank of Ghana's previous rates had shown a stronger cedi against major currencies. The modest strengthening of the local currency against the pound and euro is a welcome development for traders and investors.