February 4: $1 trades at GHS15.90 on Forex Bureaus, GHS15.71 average rate

The Ghanaian cedi has depreciated against the United States dollar, with GHS15.23 buying rate per dollar and the selling rate at GHS15.72 for those converting cedis to dollars as of Tuesday, February 4, 2025.

This marks 3 pesewas and 4 pesewas drop in the buying rate and selling rates respectively, compared to Monday’s averages.

At forex bureaus, the cedi is trading at GHS15.50 for those exchanging cedis for dollars and GHS15.90 for those converting dollars to cedis.

This data is sourced from Cedirates.com, a reputable Ghanaian platform for currency and fuel updates.

On the interbank market, the cedi is trading at GHS15.29 for buying dollars and GHS15.31 for selling dollars.

For the British Pound, the average exchange rates are GHS18.76 for converting pounds to cedis and GHS19.44 for converting pounds to cedis. Meanwhile, the Euro is trading at GHS15.59 for exchanging euros for cedis and GHS16.25 for exchanging crdis for euros.

On the Bank of Ghana interbank market, the Pound is selling at GHS19.02, and the Euro is trading at GHS15.79.

For money transfers, LemFi and Afriex are offering rates of GHS15.25 and GHS15.19 respectively per dollar for transfers from the US or the UK to Ghana.

For the British Pound, LemFi and Afriex provide rates of GHS18.80 and GHS19.09, respectively. For the Euro, Afriex offers GHS15.83, while LemFi rates also stand at GHS15.64 per €1.

For digital subscription payments such as Netflix, Spotify, or Apple Music using Visa and Mastercard, the exchange rates are GHS16.53 and 16.46 respectively.

Experts attribute the depreciation of the British Pound and Euro at Ghanaian banks to global factors, including recent US economic policies under former President Donald Trump such as increased tariffs against Canada, Mexico and China, which have strengthened the US dollar relative to other currencies.