Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar. Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange. AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)
Per the Bank of Ghana (BoG) rate on Thursday March 13, the local currency, the Cedi was buying at 15.5322 to a Dollar and selling at 15.5478.
The Pound Sterling is buying at 20.1469 Cedis and selling at 20.1686 Cedis. The Euro also buys at 16.9387 and sells at 16.9526.
These present the average interbank rates used by commercial banks for transactions at the close of business Wednesday, 12 March 2025, the central bank said on its Facebook page.
The Bank of Ghana says it is resolved to stabilise the Cedi against the major trading currencies.
Recently, the new Governor of the Bank of Ghana (BoG), Dr Johnson Asiama also announced that his priority was on the need to preserve exchange rate stability and limit excessive volatility in the rates.
In this regard, he said, the Bank of Ghana under his leadership will engineer a well-functioning, stable foreign exchange market to support economic activity.
Speaking after his swearing-in on Tuesday, February 25, he said “The days of currency speculation and exchange rate instability must come to an end, and we are poised to ensure this happens. ”
Among others, he said they “will implement strategic interventions, including the enactment of a new foreign exchange law to replace the Foreign Exchange Act 2006 (Act 723); implement targeted market operations to eliminate leakages of forex and improve our reserves management; deepen our participation in the Pan African Payment and Settlement System (PAPSS), allowing Ghanaian businesses to trade across Africa using local currencies instead of always relying on the US dollar; implement further reforms in the remittance space and collaborate with the Fintech and remittance agencies to harness remittances as a major source of FX; introduce structured and transparent systems that ensure fair pricing and fair distribution in the forex market; leverage our gold reserves and strategic foreign assets more effectively to support the Ghana cedi; reform the Bank of Ghana’s Domestic Gold Purchase Programme to improve efficiency, enhance reserve accumulation, and increase transparency in gold transactions.”
He said these measures will build a more resilient foreign exchange market that inspires confidence among investors and businesses.
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