The local currency, the cedi, made minor gains in the foreign exchange market on Thursday, November 3, extending its recent rebound.
According to the Bank of Ghana’s daily interbank exchange rate, businesses and institutions wishing to purchase US dollars were required to bring GH¢13.0147, while those wishing to sell the cedi were required to bring GH¢13.0017.
These were gains above the trading activity on Wednesday, November 2.
The cedi ended that day with a buying rate of GH¢13.0029 to US$1 and a selling rate of GH¢13.0159 to US$1.
As demonstrated in the attached statistics, similar gains were seen against the British pound and the euro.
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After suffering significant losses in recent months, the currency has made a dramatic rebound in the interbank market.
A stronger cedi is beneficial to the current economic situation.
It will lower fuel costs, slow the rate at which prices are already rising, and generally lessen the burden on both consumers and businesses.
SOURCE: GRAPHICONLINE
