Ghana cedi shows mixed performance against major currencies
The Ghana cedi showed mixed performance against key international currencies on October 1, according to the latest Bank of Ghana (BoG) exchange rates released for October 2. The US dollar saw a slight decrease, trading at an average interbank rate of GH¢11.7100, down from GH¢11.7150 the previous day. This marked a marginal improvement for the cedi, with the dollar weakening by GH¢0.0050.
The British pound sterling, however, strengthened against the cedi, rising to an average rate of GH¢15.4871 from GH¢15.4521. This represented a GH¢0.0350 increase, indicating a modest weakening of the cedi against sterling.
In contrast, the euro experienced a decline, with its average interbank rate dropping to GH¢13.1760 from GH¢13.2276. This decline of GH¢0.0516 signaled a slight strengthening of the cedi against the euro.
The BoG's interbank rates serve as reference points for commercial banks, although actual rates for customers may vary. These currency movements could impact the cost of imported goods, international payments, travel, and other transactions involving foreign currencies.