The Ghanaian cedi is trading at ₵10.6 to the US dollar, according to the latest figures from the Bank of Ghana, reflecting continued stability in the local currency toward the end of the year.
The central bank’s data, released on Tuesday, shows the cedi maintaining relative firmness against the dollar after months of volatility driven by inflationary pressures, tight global financial conditions and domestic fiscal adjustments.
Market analysts attribute the currency’s current performance to improved foreign exchange inflows, tighter monetary policy and ongoing efforts by the Bank of Ghana to manage liquidity in the forex market. The stabilisation is also linked to cautious demand for foreign currency during the holiday period.
Despite the gains, economists caution that sustaining the cedi’s performance will depend on consistent macroeconomic discipline, export growth and confidence in ongoing economic reforms.
The Bank of Ghana has reiterated its commitment to price stability and exchange rate management, urging businesses and the public to rely on official channels for foreign exchange transactions.
The cedi’s performance against other major currencies is expected to be outlined in the central bank’s next market update.
Source: www.kumasimail.com
