Ghana cedi to dollar rate: Latest BoG exchange rates for Oct 13

The pound’s buying rate dropped by GH¢0.0559, while the euro’s fell by GH¢0.0662.

The euro recorded the largest decline among the three currencies.

The central bank’s daily exchange rate data shows that the dollar’s average interbank rate declined to GH¢11.7700 from GH¢11.7900 on Monday, October 12, representing a decrease of GH¢0.0200.

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The pound sterling also recorded a decline, with its average rate falling to GH¢15.5417 from GH¢15.5970. The euro’s average rate dropped to GH¢13.1325 from GH¢13.1977.

The US dollar’s buying rate fell from GH¢11.7841 on October 12 to GH¢11.7641 on October 13, while the selling rate declined from GH¢11.7959 to GH¢11.7759. Both rates dropped by GH¢0.0200.

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For the pound sterling, the buying rate decreased from GH¢15.5892 to GH¢15.5333, a fall of GH¢0.0559. The selling rate also declined from GH¢15.6048 to GH¢15.5501, representing a reduction of GH¢0.0547.

The euro recorded a similar movement. Its buying rate dropped from GH¢13.1922 to GH¢13.1260, a decrease of GH¢0.0662, while the selling rate fell from GH¢13.2031 to GH¢13.1390, down by GH¢0.0641.

Euro Among the three currencies, the euro recorded the largest decline in both buying and selling rates, followed by the pound sterling and the US dollar.

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The cedi’s appreciation against the three currencies could offer some relief to businesses and individuals who need foreign currency to pay for imports, overseas services, tuition fees and other international expenses.

A lower exchange rate may reduce the cedi cost of purchasing foreign currency, although the actual amount paid can vary depending on the bank, forex provider and transaction charges.

Importers may also benefit if the lower rates translate into reduced foreign currency costs. However, changes in exchange rates do not always lead to immediate reductions in prices, as businesses may also face shipping, taxes, distribution and other operating expenses.

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The latest figures show a broad decline in the three major currencies against the cedi compared with the previous published rates.