The Ghana Cedi has strengthened against the US Dollar and other foreign currencies, trading at Ghc 12.33 to a dollar according to the exchange rate update released by the Central Bank.
The latest release by the Central Bank on Monday May 19, indicates that the cedi now sells at Ghc12.3262 to a dollar and the buying price is Ghc12.3138.
Comparing the cedi’s rate to other foreign currencies including the British pound, it stands at Ghc16.3208 to a pound and sells for Ghc16.3383 to a pound. Additionally, the euro conversion rate is GHC13.7161 for purchases and GHC13.7285 for sales.
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 the government to sustain the cedi all play a part in the notable increase in value of the cedi.
The rise of the cedi raises hopes of traders and business owners who rely on the foreign currency to conduct business
The appreciation of the cedi instills optimism among traders and business owners who depend on foreign currencies for their operations.
