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The Ghanaian cedi traded at a buying rate of 11.1644 to the US dollar on Friday, June 19, according to the Bank of Ghana (BoG), with a selling rate of 11.1756.
The British pound was quoted at a buying rate of 14.7571 and a selling rate of 14.7730, while the euro traded at 12.8022 for buying and 12.8138 for selling.
The Bank of Ghana has assured the public that it remains well positioned to meet seasonal foreign exchange demand without causing stress on the market.
Speaking at the 130th Monetary Policy Press Briefing, Governor Dr. Johnson Asiama explained that recent pressure on the cedi is largely driven by seasonal factors, including dividend repatriation and increased demand from the energy sector.
He noted that the central bank has sufficient foreign exchange buffers to manage demand and maintain stability, urging calm in the market.
Dr. Asiama further emphasized that exchange rate movements are normal and expected, describing appreciation or depreciation as part of an “endogenous” process, while stressing that the Bank’s focus remains on limiting excessive volatility.
Despite recent fluctuations, the cedi has remained relatively strong, appreciating by over 40% last year and continuing to show resilience under current market conditions.
Story by Efua Nessa