As of Thursday, October 31, 2024, the Ghanaian Cedi has experienced a notable depreciation against the United States dollar, with the buying rate falling by 5 pesewas and the selling rate declining by 4 pesewas compared to the previous day’s figures. This brings the Cedi’s buying rate to GHS16.26 and the selling rate to GHS16.71, reflecting the current foreign exchange dynamics in Ghana. Such fluctuations in currency rates can have significant implications for both individuals and businesses engaging in international trade and remittances.
The foreign exchange market reveals that the Cedi is trading at GHS16.24 for buying and GHS16.26 for selling at interbank rates against the dollar. The British Pound and Euro are also seeing varied rates, with the average buying rates for the Pound and Euro positioned at GHS20.90 and GHS17.43, respectively. Selling rates follow suit, with GHS21.69 for the Pound and GHS18.17 for the Euro. These rates are crucial for people involved in international financial transactions, especially for those who travel or do business abroad, as they indicate the cost of exchanging one currency for another.
On the interbank market, the Bank of Ghana lists the selling price for the British Pound at GHS21.13 and for the Euro at GHS17.65. Such rates are indicative of the demand and supply mechanics in the currency market and provide valuable insight into the strength of the Cedi relative to other major currencies. The Bank of Ghana’s rates are essential for financial institutions and businesses that need to settle transactions in these currencies.
For remittances, technology-driven platforms such as LemFi and Afriex provide a convenient means for sending money to Ghana from the United States or the United Kingdom. Currently, these platforms are offering competitive rates for sending money back home. For instance, the rates stand at GHS16.28 for LemFi and GHS15.66 for Afriex for each US dollar. Such platforms enable users to enjoy a more favorable exchange rate, thereby maximizing the amount received by beneficiaries in Ghana.
Additionally, these platforms are also reflecting the current rates for the British Pound, with LemFi offering a buying rate of GHS21.13 and selling rate of GHS20.69. Afriex, which is the only platform reporting updated Euro rates, is selling at GHS17.21 for €1. This highlights the growing importance of fintech solutions in the remittance landscape, making it easier for people to send money home while potentially saving on fees and receiving better currency exchange rates.
For those renewing subscriptions to services like Netflix, Spotify, or Apple Music through Visa and Mastercard, the current rates indicate a cost of GHS17.49 and GHS17.43 per US dollar, respectively. This information is particularly relevant for consumers who engage in online purchases and subscriptions, as the currency conversion rates can significantly impact the final amount charged to users. Understanding these rates is essential for anyone making transactions that involve foreign currencies, helping them to navigate the fluctuating foreign exchange market more effectively.
