Ghana's currency, the cedi, is gaining strength against major foreign currencies like the dollar at some forex bureaus.

At the end of November, the cedi was selling at GH¢16.40 at certain forex bureaus, compared to highs of GH¢17.00 in previous months.

The Bank of Ghana credits this improvement to growth in the country’s external sector.

In its latest update on December 16, 2024, the Central Bank stated that the cedi is being bought at GH¢14.73 and sold at GH¢14.74.

For the British Pound, the buying rate is GH¢18.60, while the selling rate is GH¢18.62. The Euro is being bought at GH¢15.46 and sold at GH¢15.48.

Meanwhile, checks by GhanaWeb Business on the same date at 8:30 AM revealed that at some major forex bureaus, the dollar is trading at GH¢15.70, the pound at GH¢19.80, and the Euro at GH¢17.00 in the retail market.

Although the cedi has made some gains, its ongoing depreciation against major currencies continues to hurt Ghana’s economy.

To stabilize the cedi, the Bank of Ghana sold over $200 million in recent interventions.