As of November 4, 2024, the Ghanaian Cedi has shown mixed performance against major currencies, specifically the United States dollar, British Pound Sterling, and Euro. The buying rate of the Cedi has depreciated by 2 pesewas, while the selling rate has remained stable in comparison to the previous day’s figures. At 10:30 am, the buying rate stood at GHS16.30, while the selling rate was slightly higher at GHS16.72. These rates reflect current trends and fluctuations in currency trading, as recorded on Cedirates.com, a reliable source for currency and fuel updates in Ghana.
In the interbank market, the Cedi is trading at GHS16.29 for purchasing and GHS16.31 for selling against the US dollar. The stability of the selling rate is noteworthy as it indicates that the local currency maintains its value in international transactions despite the minor depreciation in the buying rate. The movement in the exchange rates illustrates the dynamic nature of currency trading in Ghana, influenced by various economic factors including demand and supply, investor sentiments, and external economic conditions.
When considering other currencies, the British Pound Sterling has buying and selling rates of GHS20.93 and GHS21.72, respectively. These rates illustrate the relative strength of the Pound against the Cedi. Meanwhile, for the Euro, the current rates record a purchasing price of GHS17.53 and a selling price of GHS18.26. These figures show that while the Cedi has depreciated slightly, its comparative strength remains reasonably stable, which could indicate a lack of drastic volatility in the market that could affect consumers and businesses alike.
For those looking to transfer funds into Ghana, platforms such as LemFi and Afriex are providing competitive rates. LemFi allows users to send money from the US at GHS16.25 per dollar, while Afriex offers a slightly lower rate of GHS15.66. For transferring British Pounds, the rates are GHS21.20 for buying and GHS20.53 for selling. This accessibility through digital financial platforms provides individuals and businesses with flexible options to conduct transactions internationally while keeping an eye on favorable exchange rates.
Among the digital finance providers, Afriex has also updated its Euro rates, offering a selling price of GHS17.21 for €1. This demonstrates the increasing integration of digital financial services in currency exchange, allowing consumers to engage with more competitive rates. This trend could increase the convenience and efficiency of transferring money across borders, particularly for expatriates and businesses that need to manage foreign exchange risk.
In the context of subscription services, those using Visa and Mastercard to renew services like Netflix, Spotify, or Apple Music will encounter rates around GHS17.49 for one US dollar and GHS17.55 for the same transactions. These figures are significant as they impact consumer behavior regarding foreign online services. With the consistency in exchange rates, consumers may feel less pressure to switch between different payment methods, enabling them to budget effectively for foreign subscriptions. In summary, while the Ghanaian Cedi faces minor depreciation, its overall performance remains steady against prominent currencies, reflecting a balanced market outlook and providing various options for currency exchange and international money transfers.
