Cedi buys at 11.09 to a dollar, sells at 11.10 on Monday Dec. 29 per BoG rate

Cedi buys at 11.09 to a dollar, sells at 11.10 on Monday Dec. 29 per BoG rate
Per the Bank of Ghana (BoG) rate, the cedi was buying at 11.0945 and selling at 11.1056 to a dollar, per the Bank of Ghana rate on Monday, December 29.

The Pound was buying 14.9819 and selling at 14.9980. The euro was buying at 13.0675 and selling at 13.0793.



The rate comes on the back of a recent commitment by the government to strengthen the local currency. President John Dramani Mahama said that the cedi has gained a lot of respect from Ghanaians lately, owing to the good work being done by the current leadership of the Bank of Ghana.

He observed that currently, people are quoted in Cedi even for services such as rent, unlike previously, when almost everything was quoted in dollars.

President Mahama further urged the central bank to continue doing what it has done to attract respect for the local currency.

“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,” he said during the Cedi at 60 International Currency Conference in Accra on Tuesday, November 18.

For his part, Governor of the Bank of Ghana (BoG) Dr Johnson Asiama, charged every Ghanaian and institution to endeavour to protect the local currency, the Cedi.

He makes the point that the protection of the Cedi is not the function of only one institution but a collective action.

“Protecting the Cedi is not the task of any one’s institution; it is a shared endeavouring, endeavouring that is rooted in our belief in Ghana’s future,” he also said during the Cedi at 60 International Currency Conference in Accra on Tuesday, November 18.

Dr Asiama earlier said that holding dollars in anticipation of a return to Cedi depreciation may not be a wise choice.

“We should all reaffirm our collective responsibility to protect the value and integrity of the currency. In addition to being a medium of exchange, the Cedi is a symbol of our pride, heritage and shared aspirations for a prosperous future,” Dr Asiama said in a statement read on his behalf at the 29th National Banking and Ethics Conference in Accra.