Ghana Cedi Mixes It Up Against Major Currencies in Latest BoG Rates

The Ghanaian cedi has recorded mixed movements against major currencies in the latest Bank of Ghana (BoG) reference rates. Against the US dollar, the cedi strengthened slightly, with a buying rate of GH¢11.3893 and a selling rate of GH¢11.4007 as of Tuesday, September 8.

However, against the pound sterling and euro, the local currency weakened. The pound is trading at GH¢15.4291 for buying and GH¢15.4445 for selling, while the euro stands at GH¢13.2461 for buying and GH¢13.2582 for selling.

The movements come after a period of renewed pressure on the cedi against major currencies in recent weeks, driven by increased demand for foreign currency from importers and foreign investors, according to Reuters.