The Ghanaian cedi demonstrated a remarkable performance against the United States dollar as of Thursday, March 20, 2025, reaching near parity with the greenback. Data compiled from Cedirates.com, a reliable source for currency and fuel information in Ghana, indicated a buying rate of GHS15.41 per dollar and a selling rate of GHS15.87. This signifies a strong position for the cedi, indicating its increasing value relative to the dollar in the formal exchange market. The near convergence of the buying and selling rates further suggests a relatively stable and liquid foreign exchange market.
At forex bureaus, which cater to smaller transactions and individual customers, the cedi exhibited slightly different rates. Individuals seeking to exchange US dollars for cedis could obtain GHS15.70 for every dollar, while those converting cedis to dollars faced a rate of GHS16.10. This difference, known as the bid-ask spread, represents the profit margin for the forex bureaus and also reflects the slightly higher risk and operational costs associated with these smaller-scale transactions. The relatively narrow spread, however, suggests a competitive market and efficient price discovery.
The performance of the cedi against other major international currencies also painted a picture of relative strength. Against the British pound, the average exchange rate was GHS19.87 for those converting pounds to cedis and GHS20.56 for those converting cedis to pounds. Similarly, the euro traded at an average of GHS16.65 for those exchanging euros for cedis and GHS17.32 for those converting cedis to euros. These rates suggest a stable and potentially strengthening position for the cedi in the broader international currency landscape.
The interbank market, where large financial institutions conduct currency transactions, offered even more competitive rates. The cedi traded at GHS15.52 for buying dollars and GHS15.54 for selling dollars. This narrow spread between the buying and selling rates signifies the high liquidity and efficiency of the interbank market. For the British pound, the interbank selling rate stood at GHS20.15, while the euro traded at GHS16.90. These interbank rates serve as benchmarks for other market segments and reflect the underlying strength of the cedi.
Money transfer services, catering to the needs of individuals sending remittances to Ghana, offered competitive rates as well. LemFi provided a rate of GHS15.40 per dollar for transfers from the US or the UK to Ghana, while Afriex offered an even more attractive rate of GHS15.12 per dollar. For British pound transfers, LemFi’s rate was GHS19.93, while Afriex offered GHS20.15. Euro transfers through Afriex were facilitated at a rate of GHS16.94, while LemFi offered GHS16.79 per euro. These competitive rates from money transfer operators reflect the growing importance of remittances to the Ghanaian economy and the dynamic nature of the financial technology sector.
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 provides clarity and predictability for consumers utilizing these services. The rate also suggests a relatively efficient mechanism for processing international transactions related to digital content consumption, reflecting the increasing integration of Ghana into the global digital economy. Overall, the Ghanaian cedi demonstrated a strong performance against major international currencies on March 20, 2025, signaling positive economic indicators and a stable foreign exchange market.
