The Ghanaian forex market is experiencing fluctuations in currency exchange rates, with varying rates across commercial banks, retail cash markets, and card transactions. Here’s a snapshot of the current market rates and analysis.
Currency Exchange Rates:
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– Bank of Ghana:
– USD/GHS: Buy ₵12.00, Sell ₵12.30
– GBP/GHS: Buy ₵16.30, Sell ₵16.60
– EUR/GHS: Buy ₵14.10, Sell ₵14.35
– Retail Cash Market:
– USD/GHS: Buy ₵13.20, Sell ₵13.80
– GBP/GHS: Buy ₵18.00, Sell ₵18.60
– EUR/GHS: Buy ₵15.40, Sell ₵16.00
– Commercial Banks:
– USD/GHS: Buy ₵12.35, Sell ₵12.70
– GBP/GHS: Buy ₵16.75, Sell ₵17.15
– EUR/GHS: Buy ₵14.55, Sell ₵14.85
– Card Transactions:
– VISA Benchmark: ₵13.10 per USD (flat rate)
Market Analysis:
The bureau spread is approximately ₵0.60 per USD, wider than banks (₵0.35), indicating tight cash availability. Banks offer a spread of ~₵0.20-₵0.25, making them more efficient for large settlements. VISA rates sit closer to bureau buy-side, useful for small digital payments.
Stabilizing the Cedi:
A currency under pressure is not just an economic signal; it is a mirror of national discipline. To stabilize the cedi, Ghana must align liquidity management with productive investment, ensuring that every dollar earned translates into confidence at home.”
Source: Bismarck Kwesi Davis,
Resetting Ghana Series
