Ghana cedi rises against dollar, pound and euro: Latest BoG interbank rates

• The cedi strengthened against the US dollar, pound sterling and euro.

• The euro recorded the largest decline, with its selling rate falling by GH¢0.0403.

• The dollar’s buying and selling rates each dropped by GH¢0.0315.

The figures show that the buying and selling rates of all three major currencies declined compared with the previous rates published on Friday, October 30, indicating an improvement in the cedi’s value against them.

The US dollar’s buying rate fell from GH¢11.6457 to GH¢11.6142, representing a decline of GH¢0.0315. Its selling rate also dropped from GH¢11.6573 to GH¢11.6258, down by the same amount.

Also Read: Ghana cedi weakens against dollar, pound and euro: Latest BoG rates for October 30

The pound sterling recorded a smaller reduction. Its buying rate moved from GH¢15.5656 to GH¢15.5549, a decrease of GH¢0.0107, while the selling rate fell from GH¢15.5823 to GH¢15.5704, representing a decline of GH¢0.0119.

The euro recorded the largest reduction among the three currencies. Its buying rate decreased from GH¢12.9952 to GH¢12.9559, down by GH¢0.0393. The selling rate also fell from GH¢13.0081 to GH¢12.9678, a reduction of GH¢0.0403.

Also Read: Ghana cedi gains vs dollar, pound & euro: Latest BoG exchange rates

The movements indicate that commercial banks were quoting fewer cedis for each unit of the three foreign currencies in the latest rate update.

The Bank of Ghana said the rates represent average interbank figures used by commercial banks for transactions at the close of business on Friday, October 30. They serve as reference rates and may differ from the exchange rates offered by individual banks and foreign exchange bureaux.

Also Read: Ghana cedi rises against pound and euro, weakens against dollar: Latest BoG rates

The cedi’s appreciation could reduce the cost of imported goods and services, ease pressure on businesses that rely on foreign currency for payments and potentially help moderate imported inflation. However, the extent of these benefits will depend on whether the gains are sustained.