Ghana Cedi Weakens Slightly Against Major Currencies, Still Sees Significant Recovery

The Ghanaian cedi has weakened slightly against major international currencies, according to the latest Bank of Ghana (BoG) reference rates. The BoG reports that the cedi is trading at GH¢11.12 to the US dollar, a slight drop from its previous rate. Against the pound sterling, the cedi stands at GH¢15.17, while the euro is trading at GH¢12.99.

Reuters had earlier predicted pressure on the cedi due to corporate demand for foreign currency outpacing supply. However, Governor of the Bank of Ghana Dr Johnson Asiama notes that despite this, the cedi has recorded a significant recovery against major international currencies. He attributes this to stronger external reserves and increased economic activity across sectors.

Dr Asiama also highlighted growing participation by domestic investors, including 71 wholly Ghanaian-owned projects valued at nearly US$686 million. The Bank of Ghana's latest exchange rates reflect these developments, providing a stable and predictable environment for businesses and investors.