• The Ghana cedi has strengthened against major currencies, with the US dollar selling at GH¢10.9855 in the latest Bank of Ghana rates.

• The pound is selling at GH¢14.8260, while the euro is selling at GH¢12.6664.

• The cedi’s recent gains have been supported by stronger foreign exchange supply and increased inflows from the mining sector and the Bank of Ghana.

The latest figures represent the average interbank rates used by commercial banks for transactions at the close of business on Thursday, August 13.

The US dollar is buying at GH¢10.9745 and selling at GH¢10.9855, according to the BoG’s daily exchange rates.

Also Read: Ghana cedi to dollar: Latest Bank of Ghana rates August 13

The British pound is trading at GH¢14.8101 on the buying side and GH¢14.8260 on the selling side, while the euro is buying at GH¢12.6550 and selling at GH¢12.6664.

The latest movement comes as the cedi continues to show stronger performance against the dollar, with market data indicating that it was trading at around GH¢11.00 to the dollar, compared with about GH¢11.74 a week earlier.

The improvement has been supported by increased foreign exchange supply, easing corporate demand for dollars and inflows from the mining sector and the Bank of Ghana.

Also Read: Ghana cedi to dollar rate today: Latest Bank of Ghana rates

Market expectations point to further gains for the cedi in the coming week if the current supply conditions persist. Foreign exchange availability from the central bank, mining companies and the interbank market is expected to continue supporting the local currency.

The latest appreciation marks a change from the pressure experienced by the cedi earlier in the year. Sustained import demand and tighter foreign exchange supply had previously contributed to weakness in the currency.

Meanwhile, Bank of Ghana Governor Dr Johnson Asiama on Wednesday said the country’s improving economic conditions, including lower inflation, relative exchange-rate stability and easing financial conditions, are contributing to a strong recovery in credit growth.

A continued strengthening of the cedi could reduce the local currency cost of dollar-denominated transactions and provide some relief for businesses that rely on imported goods and services.

Also Read: BoG names 20 illegal loan apps operating in Ghana, warns public: Full list, how to report and stay safe

However, the BoG rates are interbank reference rates and may differ from the rates offered by commercial banks, forex bureaux and other operators in the retail market.

Latest Bank of Ghana rates for August 14: