Ghana cedi appreciates against US dollar to GHS 10.94

The Ghana cedi has experienced a significant appreciation against several major international currencies over the past week. According to Bank of Ghana data, the cedi strengthened from an interbank buying rate of GHS 11.75 on August 10 to GHS 10.94 by August 17, representing an appreciation of approximately 6.9 per cent against the US dollar.

The dollar's interbank selling rate followed a similar downward trend, falling from GHS 11.77 on August 10 to GHS 10.96 on August 17. The cedi also showed strength against the pound sterling and the euro during this period.

Market conditions have been supported by increased foreign exchange supply, including inflows from the mining sector and interventions by the Bank of Ghana. The stability in the interbank foreign exchange market is reflected in relatively narrow buying and selling spreads across major currencies.