Ghana Cedi appreciates against US dollar from GHS11.75 to 10.94 in one week

Ghana cedi appreciated significantly against the United States dollar over the past week, strengthening from an interbank buying rate of GHS11.75 on August 10 to GHS10.94 on August 17, according to Bank of Ghana daily exchange rate data.

The development represents an appreciation of about 6.9 per cent against the dollar within seven days.

Bank of Ghana data showed that the dollar's interbank buying rate initially rose marginally to GHS11.7641 on August 11 before declining to GHS11.73 on August 12.

The cedi then strengthened further, with the dollar's buying rate falling to GHS11.34 on August 13 and GHS10.97 on August 14.

By August 17, the first trading day after the weekend, the rate had declined further to GHS10.94, its lowest level during the period under review.

The dollar's interbank selling rate followed a similar trend, falling from GHS11.77 on August 10 to GHS10.96 on August 17.

The cedi also appreciated against other major international currencies during the period.

The pound sterling's interbank buying rate fell from GHS15.86 on August 10 to GHS14.83 on August 17, while the euro declined from GHS13.59 to GHS12.67.

The data further showed relatively narrow buying and selling spreads across the major currencies, pointing to stable conditions in the interbank foreign exchange market.

The latest figures underscore the cedi's broad-based appreciation against the dollar, pound sterling and euro during the week under review.

GNA