The Ghanaian cedi has reached near parity with the United States dollar, marking a significant development in the country’s foreign exchange market. As of February 27, 2025, the cedi’s buying rate against the dollar stands at GHS15.36, while the selling rate is GHS15.81, according to Cedirates.com, a reliable platform for currency information in Ghana. This near-parity situation indicates a strengthening of the cedi against the dollar, potentially reflecting positive economic developments within Ghana, favorable global market conditions, or a combination of both. This development has implications for import and export businesses, international remittances, and the overall Ghanaian economy.
Forex bureaus, crucial players in the retail foreign exchange market, are trading the cedi at slightly different rates. Individuals looking to exchange dollars for cedis can do so at a rate of GHS15.50, while those wishing to convert cedis to dollars will find a rate of GHS15.90. The difference between the buying and selling rates, known as the spread, represents the bureau’s profit margin. These rates, while marginally different from the interbank rates, generally reflect the overall strength of the cedi against the dollar. The accessibility and prevalence of forex bureaus in Ghana make them a significant factor influencing daily currency exchange transactions for the general public.
The interbank market, where financial institutions trade currencies amongst themselves, provides a more formalized setting for currency exchange. Here, the cedi is trading at a buying rate of GHS15.52 and a selling rate of GHS15.54 against the dollar. The narrower spread in the interbank market, compared to forex bureaus, reflects the larger volumes of currency traded and the lower operational costs for financial institutions. The interbank rate often serves as a benchmark for the overall market and influences the rates offered by other exchange platforms.
Beyond the US dollar, the Ghanaian cedi also exhibits notable exchange rates against other major international currencies. The average exchange rate for the British pound stands at GHS19.36 for converting pounds to cedis and GHS20.05 for converting cedis to pounds. Similarly, the euro exchanges at GHS16.04 when converting euros to cedis and GHS16.68 for the opposite transaction. These rates indicate the relative strength of the cedi against these currencies and play a role in international trade, tourism, and investment flows between Ghana and the respective countries.
The Bank of Ghana’s interbank market provides further insight into the formal exchange rates for the pound and the euro. The pound is selling at GHS19.72 on this platform, while the euro trades at GHS16.33. These official rates from the central bank often serve as a reference point for other market participants and provide stability to the overall foreign exchange market. The Bank of Ghana’s interventions and policies also play a crucial role in managing the cedi’s exchange rate and ensuring overall economic stability.
Money transfer services, increasingly popular for international remittances, offer competitive exchange rates for sending money to Ghana. LemFi and Afriex, two prominent providers, offer rates of GHS15.35 and GHS15.23 per dollar, respectively, for transfers from the US or the UK. For British pound transfers, LemFi provides a rate of GHS19.40, while Afriex offers GHS19.76. For euro transfers, Afriex’s rate is GHS16.40, and LemFi offers GHS16.07 per euro. These competitive rates reflect the dynamism of the remittance market and provide users with cost-effective options for sending money to Ghana. The growing adoption of digital money transfer platforms further contributes to the efficiency and accessibility of international remittances. For digital subscriptions, like Netflix, Spotify, or Apple Music, using Visa and Mastercard entails slightly higher exchange rates, at GHS16.65 and GHS16.64 respectively. This difference likely stems from processing fees and international transaction charges associated with these platforms. The rates highlight the varying costs associated with different types of international transactions and underscore the importance of comparing options to find the most favorable exchange rates.
