|
Getting your Trinity Audio player ready...
|
According to the latest exchange rates released by the Bank of Ghana on Friday, May 8, the Ghana cedi recorded a marginal depreciation against major international currencies.
The cedi was buying at GH¢11.2692 to the US dollar and selling at GH¢11.2804.
Against the British pound, the cedi traded at a buying rate of GH¢15.3373 and a selling rate of GH¢15.3538.
For the euro, the local currency bought at GH¢13.2596 and sold at GH¢13.2715.
This reflects a slight decline compared to Thursday’s rates, when the cedi traded at GH¢11.2369 buying and GH¢11.2481 selling to the dollar.
Earlier this year, Governor of the Bank of Ghana, Johnson Pandit Asiama, explained that occasional movements in the cedi’s value should not cause alarm, describing marginal depreciation as a normal market occurrence.
Speaking during the 128th Monetary Policy Committee press conference in Accra, Dr Asiama noted that speculative activities can temporarily influence the cedi’s performance but expressed confidence that the currency would stabilise as ongoing reforms take effect.
Source: 3news
