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

• The cedi weakened against the US dollar, with buying and selling rates each rising by GH¢0.0150.

• The pound recorded the largest increase, with its buying rate rising by GH¢0.1050.

• The euro’s buying rate rose by GH¢0.0445, while its selling rate increased by GH¢0.0423.

The latest average interbank rates, based on transactions at the close of business on Friday, October 16, show the US dollar trading at GH¢11.6592 for buying and GH¢11.6708 for selling.

Compared with the previous rates, published on Friday, October 16, the dollar’s buying rate increased from GH¢11.6442 to GH¢11.6592, while its selling rate rose from GH¢11.6558 to GH¢11.6708. Both rates increased by GH¢0.0150, meaning the dollar became slightly more expensive in cedi terms.

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

The pound sterling recorded the largest increase among the three currencies. Its buying rate rose from GH¢15.4320 to GH¢15.5370, an increase of GH¢0.1050. The selling rate also increased from GH¢15.4486 to GH¢15.5537, representing a rise of GH¢0.1051.

The euro followed the same trend. Its buying rate increased from GH¢13.0459 to GH¢13.0904, a rise of GH¢0.0445. The selling rate moved from GH¢13.0600 to GH¢13.1023, an increase of GH¢0.0423.

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The increases across all three currencies indicate that the cedi lost ground against the dollar, pound and euro over the period covered by the two sets of rates. The pound recorded the biggest movement in absolute cedi terms.

The figures reflect average interbank rates used by commercial banks for transactions, based on activity at the close of business on Thursday, October 15, and Friday, October 16, respectively. They serve as reference rates and may differ from the rates individual banks and foreign exchange bureaux offer customers.

Also Read: How Ghanaian importers can pay Chinese suppliers in cedis without using US dollars

Latest Bank of Ghana exchange rates: