Cedi gains ground on pound and euro

On the inter-bank market, the cedi regained some of its integrity when it managed an appreciation against its peers.

It climbed by 1.17% against the euro, representing an addition of 2.15 pesewas. The local currency was trading between GH¢1.79p and GH¢1.84p per one euro. Consequently, the drop in the exchange rate led to the reduction in the Cedi's YTD depreciation against the 16-nation currency which currently stands at 7.39%.

The four-day break seems to have rejuvenated the cedi as it furthered it good fortunes, gaining by 1.19% against the CFA. One Ghana Cedi was quoted between 357 and 367 CFA resulting in a decline in the annual loss of the cedi against the CFA from 7.98% in its previous performance to 6.89% this morning.

Trading however did not all go in favour of the cedi as the local currency depreciated by 0.04% and 0.03% against the dollar and the pound respectively. The greenback was buying at GH¢1.36p and GH¢1.40p whiles one pound was going for GH¢1.20p and GH¢2.05p but despite this mixed performance, the gains the cedi made today outweighed the losses, causing the Cedi to record its first holistic appreciation this week.