BoG Rate: Cedi buys at 11.09, sells at 11.10 to the Dollar

The Ghana cedi continued to show stability, trading at 11.0945 for buying and 11.1056 for selling against the US dollar, according to the Bank of Ghana (BoG) rate on Monday, December 29.

The British Pound was buying at 14.9819 and selling at 14.9980, while the euro was quoted at 13.0675 for buying and 13.0793 for selling.

The positive momentum for the cedi follows government efforts to strengthen the local currency. President John Dramani Mahama noted that the cedi has recently gained widespread respect among Ghanaians due to the effective management by the Bank of Ghana. He highlighted that more transactions, such as rental payments, are now quoted in cedis rather than dollars, reflecting renewed confidence in the currency.

President Mahama, speaking at the Cedi at 60 International Currency Conference in Accra on November 18, urged the central bank to maintain its efforts in preserving the currency’s value. “Ghanaians are grateful to the Bank of Ghana for managing the cedi; a lot of respect has returned to our currency. Continue the good work to ensure the cedi remains respected,” he said.

Bank of Ghana Governor, Dr Johnson Asiama, also called on Ghanaians and institutions to collectively protect the cedi, stressing that maintaining its value is a shared responsibility. “Protecting the cedi is not the task of any single institution; it is a shared endeavour rooted in our belief in Ghana’s future,” he said at the same conference.

Dr Asiama further cautioned against holding dollars in anticipation of a potential cedi depreciation, urging citizens to reaffirm their responsibility to safeguard the currency. “The cedi is not just a medium of exchange; it is a symbol of our pride, heritage, and shared aspirations for a prosperous future,” he stated during the 29th National Banking and Ethics Conference in Accra.

The remarks underscore ongoing efforts by the government and the central bank to bolster confidence in the cedi and promote its widespread use across the economy.