The Ghanaian cedi experienced a slight depreciation against the US dollar on Thursday, April 3, 2025, according to data compiled from Cedirates.com, a reliable source for currency and fuel information in Ghana. This marginal decline positioned the cedi at a buying rate of GHS15.40 per dollar and a selling rate of GHS15.84 in the broader market. Forex bureaus, which cater to individual currency exchange needs, offered slightly different rates, with a buying rate of GHS15.60 for those exchanging dollars for cedis and a selling rate of GHS16.00 for those converting cedis to dollars. The subtle difference between the general market and forex bureau rates reflects the dynamics of supply and demand within these distinct segments of the currency exchange landscape.
The interbank market, where financial institutions trade currencies amongst themselves, presented a tighter spread between buying and selling rates. The cedi traded at GHS15.52 for buying dollars and GHS15.54 for selling dollars. This smaller difference is characteristic of the high-volume, lower-margin transactions typical of interbank trading. The data paints a picture of a relatively stable, albeit slightly weakening, cedi against the US dollar, with variations in exchange rates depending on the platform or institution involved in the transaction.
Beyond the dollar, the cedi’s performance against other major currencies like the British pound and the euro showed similar trends. The average exchange rate for the British pound stood at GHS19.97 for those exchanging pounds for cedis and GHS20.66 for those converting cedis to pounds. The euro traded at an average of GHS16.67 for those exchanging euros for cedis and GHS17.35 for those converting cedis to euros. These rates reflect the prevailing market conditions influencing the relative values of these currencies against the Ghanaian cedi.
On the Bank of Ghana’s interbank market, the British pound was selling at GHS20.17, while the euro traded at GHS16.87. These rates, set by the central bank, serve as a benchmark for interbank transactions and often influence the broader market. The slight variations between the average market rates and the Bank of Ghana rates signify the market’s response to prevailing economic factors and the central bank’s monetary policy stance.
Money transfer operators, catering to the needs of individuals sending remittances to Ghana, offered competitive rates for various currencies. LemFi offered a rate of GHS15.39 per dollar for transfers from the US or the UK to Ghana, while Afriex provided a slightly more attractive rate of GHS15.15 per dollar for the same corridor. These specialized services often offer more favorable rates than traditional banks or forex bureaus, reflecting their focus on high-volume, low-margin transactions within specific currency corridors.
For British pound transfers, LemFi offered a rate of GHS19.88, while Afriex presented a marginally higher rate of GHS19.98. Regarding euro transfers, Afriex offered GHS16.71 per euro, while LemFi’s rate stood at GHS16.61 per euro. The competitive pricing between these two remittance providers underscores the dynamic nature of the money transfer market, where companies vie for customers by offering attractive exchange rates and efficient transfer services.
Finally, for digital subscription payments to services like Netflix, Spotify, and Apple Music using Visa and Mastercard, the exchange rate was GHS16.64 for both card networks. This standardized rate for digital subscriptions likely reflects agreements between the card companies and the service providers, offering a consistent exchange rate for these specific transactions regardless of the underlying currency fluctuations in the broader market. This approach simplifies currency conversion for users and provides predictability for budgeting recurring digital subscription costs.
