The Ghanaian currency, the Ghana cedi, on Tuesday slipped against the US dollar but appreciated against many other foreign currencies, including the pound sterling, Swiss franc, euro, South African rand and West African currencies.
According to the exchange rates released by the Ghana Association of Bankers, the Ghana cedi was lower against the US dollar at 1.5358/1.5659 from Monday’s close of 1.5010/1.5650.
It was stronger against the pound sterling at 2.4193/2.4719 from Monday’s close of 2.4207/2.4763. The Swiss franc was weaker at 1.7053/1.744 compared with Monday’s rates of 1.7163/1.7547; the South African rand was 0.1903/0.1945 compared with 0.1963/0.2005 and the euro was 2.1032/2.1480 from 2.1238/2.1720.
The CFA franc slipped as 305.3800/311.8900 compared with 302.0000/308.87000 on Monday.
The cedi has been reeling under severe pressure as importers wrapped up their Christmas deals for their goods to arrive in good time and Muslims demand money for their hajj.
The Central Bank’s Monetary Policy Committee began its monthly meeting on Monday and would wind up with a press conference on Friday after assessing the health of the economy.