The Ghana cedi continued to trade steadily against major foreign currencies on the Bank of Ghana (BoG) reference rate on Monday, December 29.
According to the central bank, the cedi was buying at GH¢11.0945 and selling at GH¢11.1056 to the US dollar.
The British pound was quoted at GH¢14.9819 (buying) and GH¢14.9980 (selling), while the euro traded at GH¢13.0675 (buying) and GH¢13.0793 (selling).
The relatively stable performance of the local currency follows renewed government assurances to strengthen and sustain confidence in the cedi.
Speaking at the Cedi at 60 International Currency Conference in Accra on Tuesday, November 18, President John Dramani Mahama commended the Bank of Ghana for restoring confidence in the local currency.
He noted that the cedi has regained public trust, observing that prices for services such as rent are increasingly being quoted in cedis rather than foreign currencies.
“Ghanaians are grateful to you [Bank of Ghana] for the management of the cedi; a lot of respect has returned to our currency. Whatever you have been doing, continue doing so that the cedi is respected,” the President stated.
Governor of the Bank of Ghana, Dr Johnson Asiama, also called on both individuals and institutions to play their part in safeguarding the local currency, stressing that currency stability is a shared national responsibility.
“Protecting the cedi is not the task of any one institution; it is a shared endeavour rooted in our belief in Ghana’s future,” Dr Asiama said at the same conference.
Earlier, the BoG Governor cautioned against holding foreign currency in anticipation of renewed cedi depreciation, warning that such speculation may not be prudent.
“We should all reaffirm our collective responsibility to protect the value and integrity of the currency. Beyond being a medium of exchange, the cedi is a symbol of our pride, heritage and shared aspirations for a prosperous future,” he added in remarks delivered at the 29th National Banking and Ethics Conference in Accra.
Source: 3news
