Latest data from the central bank revealed that, Ghana cedi is gaining amidst declines in the British Pound, the United States Dollar and the Euro in the first five months of the year, indicating a better stability when compared to the recent past.
In recent years the cedi had performed poorly, depreciating heavily in the first quarter of those years.
According to the central bank’s data, the local currency gained two per cent in value over the British Pound between January and May this year, compared to a loss of 16.3 per cent recorded in the same period last year.
As a result, a Pound is now equal to an average of GH¢5.52 in May, compared to May last year, when one Pound exchanged for an average of GH¢5.95.
Moreover, the cedi lost only three per cent of its value to the United States Dollar compared to 16.9 per cent depreciation recorded in the same period last year.
Against the Euro, the pace of depreciation moderated to 4.7 per cent this month, compared to 6.9 per cent recorded in the same period in 2015.
This means that, businesses and individuals will need less amount of Ghana cedi to buy goods from abroad or to exchange for these foreign currencies, compared to the same period last year.