The Ghana cedi has seen a major rise against the US dollar in recent times as the cedi is now selling at an exchange rate of Ghc11.86 to a dollar according to the latest release by the Central Bank.
The buying price stands at Ghc11.84 to a dollar.
According to the release by the Bank of Ghana, as at the close of business on May 21 the average interbank rates used by commercial banks were as follows;
The cedi is selling for Ghc15.8490 to a pound while the buying rate is Ghc15.8320. The Euro also has a buying price of Ghc13.3311 to one euro and sells at Ghc13.3432.
Ghanaians pleased with the appreciating trend of the cedi, with many expressing optimism that its steady rise will boost investor confidence, strengthen trade links with foreign nations, and spur economic growth.
The significant rise of the cedi against major foreign currencies can be attributed to fiscal discipline by the Bank of Ghana, improved foreign exchange inflows and efforts by government to sustain the cedi all plays part in the notable increase in value of the cedi
