The Ghanaian Cedi experienced further appreciation against the US dollar on Monday, December 23, 2024, continuing a positive trend observed in recent days. Cedirates.com, a reliable source for currency information in Ghana, reported a 2 pesewa increase in both the buying and selling rates compared to Saturday’s figures. At 10:00 am, the Cedi’s buying rate stood at GHS14.69 per US dollar, while the selling rate reached GHS15.13. This upward movement suggests growing strength for the Ghanaian currency in the foreign exchange market. The interbank rates, reflecting transactions between banks, showed a slightly tighter spread, with a buying rate of GHS14.69 and a selling rate of GHS14.71 against the US dollar.
Beyond the US dollar, the Cedi also performed well against other major currencies. The British Pound Sterling saw average buying and selling rates of GHS18.18 and GHS19.05, respectively. Similarly, the Euro traded at an average buying rate of GHS15.17 and a selling rate of GHS15.81. The Bank of Ghana’s interbank market reflected a slightly lower selling rate for the Pound at GHS18.45 and the Euro at GHS15.29, possibly indicating a higher volume of transactions at these institutional levels. These figures further solidify the picture of a strengthening Cedi across multiple currency pairs.
Remittance services, a crucial aspect of the Ghanaian economy, offered competitive exchange rates for those sending money from abroad. Popular platforms like LemFi and Afriex provided attractive rates for transfers from the US and the UK. LemFi offered a rate of GHS14.65 per US dollar, while Afriex provided a slightly higher rate of GHS14.70. For transfers in British Pounds, LemFi offered a buying rate of GHS18.37, while Afriex offered a selling rate of GHS15.27. These competitive rates provide advantageous options for individuals sending money to Ghana, maximizing the value of their transfers.
Euro-denominated remittances also benefited from competitive rates offered by these platforms. Afriex offered a selling rate of GHS15.31 per Euro, while LemFi provided a rate of GHS15.23. This slight variation between the two platforms offers users the opportunity to choose the service that best suits their needs and maximizes the value of their Euro transfers to Ghana. The readily available information on these rates empowers individuals to make informed decisions and optimize their remittance transactions.
For those looking to make online subscriptions to services like Netflix, Spotify, or Apple Music, the exchange rates offered by Visa and Mastercard were relatively consistent. Both payment processors offered a rate of GHS15.78 per US dollar. This standardization simplifies transactions for users, providing a clear and predictable exchange rate when using these payment methods for international online subscriptions. The readily available information on these rates allows users to budget accordingly and manage their subscription costs effectively.
In summary, the Ghanaian Cedi demonstrated robust performance on Monday, December 23, 2024, appreciating against major currencies like the US dollar, British Pound, and Euro. This positive trend was observed across various exchange platforms, including traditional banking channels, remittance services, and online payment processors. Competitive rates offered by remittance services like LemFi and Afriex, along with consistent rates from Visa and Mastercard for online subscriptions, provide advantageous options for individuals engaging in international transactions. This overall strengthening of the Cedi is a positive indicator for the Ghanaian economy and provides favorable conditions for both individuals and businesses involved in international trade and finance.
