The Ghanaian cedi exhibited relative stability against major international currencies as of Wednesday, January 29, 2025, according to data compiled from various sources including Cedirates.com, a trusted Ghanaian platform for currency information. Against the US dollar, the cedi held steady at a buying rate of GHS15.13, indicating the price at which individuals could sell their dollars for cedis. The selling rate, representing the cost of purchasing dollars with cedis, saw a slight increase of 5 pesewas, reaching GHS15.54. This marginal fluctuation suggests a relatively balanced demand and supply dynamic for the dollar in the Ghanaian market during this period.
Forex bureaus, which offer currency exchange services directly to the public, presented slightly different rates. Individuals seeking to exchange cedis for dollars could do so at a rate of GHS15.45, while those wishing to obtain cedis by selling dollars could expect a rate of GHS15.90. The difference between the buying and selling rates at forex bureaus, known as the spread, represents their profit margin. These rates, slightly higher than the interbank rates, reflect the added costs associated with providing over-the-counter services.
The interbank market, where financial institutions trade currencies amongst themselves, provided a benchmark for the cedi’s performance. Here, the cedi traded at GHS15.24 for buying dollars and GHS15.26 for selling dollars. The narrower spread between buying and selling rates in the interbank market compared to forex bureaus reflects the larger volumes and lower transaction costs involved in institutional trading. These interbank rates often serve as a reference point for other market segments.
Against the British Pound and the Euro, the cedi demonstrated a similar pattern. The average exchange rate for converting pounds to cedis stood at GHS18.74, while converting cedis to pounds cost GHS19.43. Similarly, the Euro traded at GHS15.67 when exchanging euros for cedis and GHS16.30 when exchanging cedis for euros. These rates, like those for the US dollar, reflect the prevailing supply and demand conditions for these currencies within the Ghanaian economy. The Bank of Ghana’s interbank market recorded a selling rate of GHS18.94 for the British Pound and GHS15.90 for the Euro.
Money transfer services, increasingly popular for remittances and international transactions, offered competitive exchange rates. LemFi and Afriex, two prominent players in this space, provided rates of GHS15.15 and GHS15.16 per dollar, respectively, for transfers originating from the US or the UK to Ghana. These rates, closely aligned with the interbank market rates, demonstrate the efficiency and cost-effectiveness of these digital platforms. For British Pound transfers, LemFi offered a rate of GHS18.90 while Afriex provided a slightly higher rate of GHS19.71. Euro transfers through Afriex were facilitated at a rate of GHS15.88, with LemFi offering a near-identical rate of GHS15.79 per euro.
For digital subscriptions to services like Netflix, Spotify, and Apple Music, Visa and Mastercard transactions incurred exchange rates of GHS17.19 and GHS17.18 per dollar, respectively. These rates, notably higher than the rates offered by other channels, likely incorporate processing fees and other charges associated with international card transactions. Consumers utilizing these payment methods for digital subscriptions should be aware of this premium.
In summary, the Ghanaian cedi demonstrated relative stability against major international currencies on January 29, 2025. The interbank market provided a benchmark for exchange rates, while forex bureaus offered slightly higher rates reflective of their operating costs. Money transfer operators presented competitive rates, particularly advantageous for remittances. Digital subscription payments through international card networks incurred higher exchange rates due to associated fees. The nuanced variations in exchange rates across different platforms underscore the importance of comparing rates and choosing the most suitable option based on individual needs and transaction types. This overview offers a comprehensive snapshot of the Ghanaian cedi’s performance against major currencies, providing valuable insights for individuals and businesses engaged in international transactions.
