Ghana cedi upholds bullish run

The local currency, the cedi made minimal gains in the foreign exchange market on Thursday, November 3, to take its recent recovery to notches higher.

The daily interbank exchange rate by the Bank of Ghana showed that businesses and institutions that wanted to buy the US dollar were required to bring GH¢13.0147 for US$1 while those selling the cedi were required to bring GH¢13.0017 in exchange for US$1.

These were improvements from the trading activities of 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.

Similar improvements were witnessed against the Great Britain pound and the euro as shown in the data attached.

The currency has been making a strong comeback in the interbank market after suffering heavy falls in the past months.

A stronger cedi is positive for the current economic crisis.

It will reduce cost of fuel, slowdown rate at which prices are currently increasing generally ease the burden on consumers and businesses.