Paragraph 1: Overview of Cedi’s Performance
The Ghanaian Cedi has demonstrated a notable resurgence against the United States dollar, reaching a buying rate of GHS13.20 and a selling rate of GHS13.87 per dollar as of Thursday, May 8, 2025. This marks a significant strengthening of the Cedi, the strongest it has been since the closing rates of GHS13.83 and GHS13.89 observed on April 29 and 30, respectively. This positive trend suggests a potential shift in the currency market dynamics, offering a promising outlook for the Ghanaian economy. The data, sourced from Cedirates.com, a reliable platform for currency and fuel updates in Ghana, provides a snapshot of the current exchange rates across various market segments.
Paragraph 2: Forex Bureau and Interbank Market Rates
At forex bureaus, the Cedi is trading at GHS13.30 for those exchanging dollars for cedis and GHS14.00 for those converting cedis to dollars. This slight difference in rates reflects the standard practice of forex bureaus incorporating a margin for profit. In the interbank market, where financial institutions trade currencies amongst themselves, the Cedi is trading at GHS13.29 for buying dollars and GHS13.31 for selling dollars. The narrower spread between buying and selling rates in the interbank market is characteristic of large-volume transactions and lower operational costs. The interbank market plays a critical role in setting the benchmark exchange rates for other segments of the market.
Paragraph 3: Exchange Rates for Pound and Euro
The Ghanaian Cedi’s performance against other major currencies also shows positive trends. The average exchange rate for the British pound stands at GHS17.50 for converting pounds to cedis and GHS18.57 for converting cedis to pounds at forex bureaus. Similarly, the Euro is trading at GHS14.89 for exchanging euros for cedis and GHS15.82 for converting cedis to euros. These figures indicate a relatively stable exchange rate environment for the Cedi against these currencies. The difference between buying and selling rates remains consistent with the forex bureau’s operating model.
Paragraph 4: Bank of Ghana Interbank Rates for Pound and Euro
On the Bank of Ghana’s interbank market, the British pound is selling at GHS17.75, and the euro is trading at GHS15.09. These rates, set by the central bank, serve as a reference point for other market participants. They also reflect the Bank of Ghana’s monetary policy stance and its efforts to maintain stability in the foreign exchange market. The slightly higher selling rate for the pound on the interbank market compared to the forex bureau rate may be due to specific market conditions and the central bank’s intervention mechanisms.
Paragraph 5: Money Transfer Rates
Money transfer services, such as LemFi and Afriex, offer competitive exchange rates for remittances to Ghana. For dollar transfers from the US or the UK, LemFi offers a rate of GHS13.26 per dollar, while Afriex offers GHS13.77 per dollar. For British pound transfers, LemFi provides a rate of GHS17.69, and Afriex offers GHS18.47. For Euro transfers, Afriex offers a rate of GHS15.72, while LemFi provides GHS15.07 per euro. These rates demonstrate the influence of money transfer operators on the overall currency exchange landscape, offering individuals and businesses convenient and often cost-effective ways to transfer funds internationally.
Paragraph 6: Digital Subscription Payment Rates
For digital subscription payments using Visa and Mastercard for services like Netflix, Spotify, or Apple Music, the exchange rate is GHS14.23 per dollar. This specific rate applies to transactions processed through these international payment platforms. It is important to note that these rates can fluctuate based on the payment processor’s exchange rate policies and market conditions. Consumers using these services should be aware of the applicable exchange rate to accurately calculate their subscription costs in Ghanaian cedis. The difference between this rate and the interbank or forex bureau rates reflects the fees and charges levied by the payment processors.
