The Ghanaian Cedi experienced a slight appreciation against the United States dollar on Saturday, April 19, 2025, according to data compiled from various sources including Cedirates.com, a reliable Ghanaian platform for currency and fuel updates. This marginal strengthening of the Cedi was reflected in the buying and selling rates observed across different exchange platforms. At forex bureaus, individuals looking to exchange US dollars for Cedis could do so at a rate of GHS15.70 per dollar, while those converting Cedis to dollars faced a slightly higher rate of GHS16.00 per dollar. This difference in rates, known as the spread, is common practice in currency exchange markets and reflects the operational costs and profit margins of the forex bureaus.
The interbank market, which involves transactions between banks, displayed a tighter spread with a buying rate of GHS15.45 per dollar and a selling rate of GHS15.47. This smaller difference between buying and selling rates on the interbank market is typical due to the larger volumes of currency traded and the lower transaction costs involved. This suggests a slightly more favorable rate for larger transactions compared to the rates offered at forex bureaus. The overall trend pointed towards a positive movement for the Cedi against the dollar, albeit a marginal one.
The Cedi’s performance against other major international currencies, such as the British Pound and the Euro, also showed variations. For the British Pound, the average exchange rate at forex bureaus was GHS20.23 for converting pounds to cedis and GHS20.97 for converting cedis to pounds. Similarly, for the Euro, the average exchange rates were GHS17.33 for exchanging euros for cedis and GHS18.05 for converting cedis to euros. These exchange rates reflect the relative strengths of the currencies and market dynamics influencing their values.
The Bank of Ghana’s interbank rates for the Pound and the Euro provided a benchmark for these currencies. The Pound was selling at GHS20.50, while the Euro was trading at GHS17.58 on the interbank market. These interbank rates often serve as a reference point for other financial institutions and influence the rates offered to customers by commercial banks and forex bureaus. The difference between the interbank rates and the rates at forex bureaus also reflects the markups applied by these institutions.
Money transfer platforms like LemFi and Afriex, which cater specifically to remittances, offered competitive exchange rates for individuals sending money to Ghana from the US or the UK. For dollar transfers, LemFi offered a rate of GHS15.36 per dollar, while Afriex provided a slightly higher rate of GHS15.40 per dollar. For British Pound transfers, LemFi’s rate stood at GHS20.27, and Afriex offered a rate of GHS20.52 per pound. These rates reflect the competitive landscape of the money transfer market and often provide more favorable exchange rates compared to traditional banks.
For Euro transfers, Afriex offered a rate of GHS17.60 per euro, while LemFi provided a rate of GHS17.37 per euro. The variation in rates between these two platforms highlights the importance of comparing rates before initiating a money transfer. The specialized nature of these platforms allows them to optimize transfer costs and offer competitive exchange rates, potentially saving senders and recipients money compared to traditional banking channels.
Digital subscription services like Netflix, Spotify, and Apple Music, which are often billed in foreign currencies, incurred charges based on the applicable exchange rates for Visa and Mastercard transactions. On April 19, 2025, the exchange rates for these digital subscriptions were GHS16.56 and GHS16.57 for Visa and Mastercard, respectively. These rates, while slightly higher than the interbank or money transfer rates, are generally in line with the prevailing market rates for online transactions and reflect the processing fees associated with international card payments.
The overall picture presented on April 19, 2025, suggested a relatively stable Cedi, with a slight appreciation against the US dollar. The rates across various platforms, from forex bureaus to money transfer services and digital payment gateways, provided a comprehensive view of the currency exchange landscape in Ghana. The variations in rates highlighted the importance of comparing options and selecting the most favorable exchange rate based on individual needs, whether for large-scale interbank transactions, personal remittances, or online subscriptions. Monitoring these exchange rates regularly is crucial for businesses and individuals engaging in international transactions to make informed financial decisions.
