Current State of the Ghanaian Cedi Against Major Currencies
As of Tuesday, June 3, 2025, the Ghanaian Cedi (GHS) has demonstrated relative stability against major international currencies, particularly the United States dollar (USD). According to Cedirates.com, a reliable source for currency information in Ghana, the average exchange rate for the USD stands at GHS9.97 for buying and GHS10.79 for selling. This indicates a relatively small spread between buying and selling rates, suggesting a stable and liquid market for USD transactions within Ghana. This stability is further corroborated by the interbank market rates, where the Cedi trades at GHS10.24 for buying USD and GHS10.26 for selling USD. The narrow spread on the interbank market signifies balanced supply and demand dynamics for USD within the formal banking sector.
Forex Bureau and Interbank Market Discrepancies
While the overall picture suggests stability, variations exist between different exchange platforms. Forex bureaus, which cater primarily to individual customers, offer slightly less favorable rates compared to the interbank market. At forex bureaus, individuals looking to exchange USD for GHS can expect a rate of GHS10.90, while those converting GHS to USD will receive a rate of GHS11.60. This difference highlights the premium charged by forex bureaus for their services and accessibility. The interbank market, reserved for larger financial institutions, offers more competitive rates due to higher trading volumes and lower operational costs.
Performance Against the British Pound and the Euro
The Ghanaian Cedi also exhibits stable performance against the British Pound (GBP) and the Euro (EUR). The average exchange rate for converting GBP to GHS is GHS13.41, while converting GHS to GBP stands at GHS14.50. Similarly, for the EUR, the average rates are GHS11.31 for exchanging EUR to GHS and GHS12.29 for exchanging GHS to EUR. These exchange rates, like those for the USD, demonstrate a consistent pattern with a modest spread between buying and selling rates, suggesting balanced currency flows and a relatively stable market for these currencies.
Interbank Rates for GBP and EUR
On the Bank of Ghana interbank market, the GBP sells at GHS13.90 and the EUR trades at GHS11.73. These rates are notably different from the average rates mentioned earlier and are likely reflective of the wholesale nature of the interbank market, where larger transactions and lower margins influence the exchange rates. The difference between the interbank and forex bureau rates underscores the importance of comparing rates from different sources before conducting currency exchanges to obtain the most favorable rates.
Money Transfer Services Offer Competitive Rates
Money transfer services offer competitive exchange rates for remittances from the US and the UK to Ghana. Services like LemFi and Hurupay provide attractive rates for USD transfers, with LemFi offering GHS10.10 per USD and Hurupay offering GHS10.23 per USD. For GBP transfers, LemFi offers GHS13.50 per GBP, while Afriex provides a slightly less favorable rate of GHS14.28 per GBP. For EUR transfers, Afriex offers GHS12.05 per EUR, and LemFi provides a more competitive rate of GHS11.40 per EUR. These specialized money transfer services often offer better rates than traditional banks or forex bureaus, making them a cost-effective option for international remittances.
Digital Subscription Payment Rates
For digital subscriptions such as Netflix, Spotify, or Apple Music, using Visa or Mastercard incurs slightly different exchange rates. Visa transactions are processed at a rate of GHS11.02 per USD, while Mastercard transactions are processed at GHS11.00 per USD. These rates are generally close to the prevailing market rates but can fluctuate slightly depending on the card issuer and the specific payment processor involved. It is important for consumers to be aware of these variations when making online payments using international cards.
