The Ghanaian cedi has begun showing significant gains against major foreign currencies, particularly the US dollar, at forex bureaus and some banks across the country.
As of November 2024, the dollar was trading at approximately GH₵16. However, in a notable turnaround, the cedi has appreciated, with the dollar now trading at GH₵14 in December 2024.
The recent appreciation of the cedi is attributed to improved foreign exchange inflows, reduced demand for the dollar, and possible interventions by the Bank of Ghana to stabilize the currency.
Currency analysts believe this trend could help ease inflationary pressures, lower import costs, and boost investor confidence in the local economy as the year comes to an end.
Businesses and traders who rely on foreign exchange have expressed cautious optimism about the cedi’s performance and hope the trend will continue into 2025.
Story by: Joshua Kwabena Smith
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